If your fixed rate is ending, give yourself time to understand the choices.
Start reviewing your mortgage around six months before your current deal ends. You can compare a new deal with your existing lender with a remortgage elsewhere, check the costs and plan the changeover. Starting a review does not mean you have to leave your current deal early.
A letter about your fixed rate ending can raise uncomfortable questions. What will the next payment be? Will you still qualify if your income has changed? Should you accept your lender’s offer or look elsewhere?
You do not need to know the answers before asking for help. Begin with the date your current rate ends, what you still owe and a realistic picture of your household budget. This guide explains what to look at next, including what to do if there is little time left.
When should you start your mortgage review?
Around six months before the fixed rate ends is a useful starting point. Your application or reservation window depends on the lender and product, so six months is a planning guide rather than a promise that every deal can be secured that early.
Around six months before: get the facts together
Find your mortgage statement or offer. Confirm the rate end date, the date any early repayment charge stops, your balance and remaining mortgage term. These dates matter: applying for a new mortgage and completing the switch are separate steps.
Once the relevant window opens: compare and prepare
Ask what your existing lender can offer and compare suitable alternatives. Before reserving or applying, check the offer expiry, proposed start date and any upfront costs. If moving lender, leave time for the lender’s assessment, valuation and legal work; completion times vary.
Before the changeover: confirm the arrangements
Check the new rate, payment, start date and any outstanding requirements. Ask who is coordinating completion and whether there could be a gap between deals. Keep your existing payment arrangements in place until the lender or solicitor tells you what needs to change.
Only a few weeks left, or already on the follow-on rate?
Get in touch now with your end date and latest lender correspondence. Ask about your existing lender’s switching deadline as well as the timescale for moving elsewhere. There may still be options, but an application is not a guarantee that a new deal will start before your current one finishes.
What happens if you do nothing?
Your mortgage does not normally end when the fixed rate finishes. The outstanding loan continues, usually at the follow-on rate set out in your mortgage offer. This is often the lender’s standard variable rate, although some mortgages revert to a different type of rate.
Your payment could change, so check the lender’s notice and budget for the amount shown. A follow-on rate may cost more than a suitable new deal, but switching only makes sense after considering the fees, conditions and your plans.
Should you stay with your lender or move?
Both routes deserve consideration. The question is which is suitable for your circumstances, rather than whether moving lender is automatically better.
You can also read about Greenacre’s remortgage service or explore the wider remortgaging process.
Look beyond the headline interest rate
A lower advertised rate does not always produce the lowest overall cost. Ask for a comparison using the same borrowing amount, repayment basis and remaining term, over the same period. Include:
- Monthly repayments and what happens after the initial deal.
- Product or arrangement fees, including interest if a fee is added to the loan.
- Valuation, legal, exit and administration costs, allowing for any included service or cashback and its conditions.
- Broker fees and when they become payable.
- Early repayment charges on the current and proposed deals.
A simple fee comparison
Suppose one option costs £25 less each month but has an additional £999 upfront fee. Across 24 months, the payment difference is £600, which does not cover that extra fee.
This is an illustration of the fee trade-off, not a mortgage quote or full comparison. A proper assessment also considers interest, the balance remaining, other costs and product conditions.
Review the mortgage illustration and ask for anything unclear to be explained before proceeding. A longer mortgage term can reduce the monthly payment while increasing the total interest paid over time. Check whether a more comfortable payment comes from the deal itself or from taking longer to repay the debt.
Why your property value matters
Loan-to-value (LTV) is the mortgage amount as a percentage of the property value. A £240,000 mortgage on a home valued at £300,000 has an LTV of 80%. The lender’s valuation can affect which products you qualify for. Use a realistic estimate at the review stage; an estate agent’s estimate does not guarantee the value a lender will accept.
What if rates fall after you arrange a new deal?
Ask about this before committing. The Mortgage Charter provides for customers of participating lenders approaching a fixed-rate end to secure a deal up to six months ahead and request a better like-for-like deal before it starts, if available. The Charter specifies that rates must be finalised two weeks before the new term starts. Ask your lender when it opens reservations and when it needs your decision.
Do not assume a rate change happens automatically. Ask who will request it, the deadline, and whether any paid fees are refundable. For a remortgage to another lender, check that lender’s offer and replacement-product rules. A different offer could involve extra work or affect completion timing.
Choosing when to act should account for your budget and tolerance for uncertainty. Future mortgage rates cannot be guaranteed.
What if your circumstances have changed?
A mortgage arranged several years ago may no longer reflect your life. Tell your adviser about a new job, self-employment, parental leave, lower income, new credit commitments or a change in who owns the property. Explain any plans to move, retire or change your working hours too.
These changes do not all lead to the same outcome. Ask which checks each route requires and what evidence would support an application. A straightforward product transfer may be worth exploring alongside remortgaging, particularly where a new lender’s affordability assessment could be difficult. Acceptance is never automatic.
If you expect to move soon, discuss early repayment charges and whether a proposed mortgage can be taken to another property. Porting is subject to the lender’s approval and criteria; it is not a guarantee of borrowing on your next home.
Worried you will not afford the next payment?
Contact your current lender as soon as possible, before missing a payment if you can. Simply asking for help does not affect your credit file. Ask how any support arrangement would affect your balance, future payments and credit record before agreeing to it.
A broker can discuss mortgage options, but that should sit alongside speaking to your lender about payment difficulties. MoneyHelper explains available mortgage-payment support and routes to free debt advice. Continue making your agreed payments where you can; speak to the lender before changing them.
What should you have ready?
You can start a conversation without a complete application pack. These details make the review more useful:
- Your lender, mortgage balance, current payment, rate end date and early repayment charge details.
- Your remaining mortgage term, repayment type and estimated property value.
- Household income, regular spending, loans and credit commitments.
- Any changes in work, family circumstances, credit history or plans for the property.
- Your lender’s renewal offer, if one has arrived, and the questions you want answered.
If an application follows, the lender may require identification, bank statements and income evidence such as payslips or self-employed accounts and tax documents. Requirements vary. Ask which documents are needed and how to provide them securely; avoid sending sensitive paperwork in an initial general enquiry.
Questions worth asking before choosing
- Have we compared my existing lender’s offer with suitable alternatives?
- What will I pay during the initial deal, including fees, and what balance will remain?
- Does the new start date avoid an early repayment charge on my current deal?
- What happens if my circumstances or the available rates change before completion?
- How would moving home, overpaying or leaving the new deal early affect me?
Discuss your fixed-rate end date with Greenacre
If your fixed rate is ending, talk to Greenacre about your end date, current mortgage and what matters most to you. The aim of a review is to understand the options and trade-offs before deciding whether to stay with your lender or move.
Or call 020 3393 9222.
Any recommendation depends on your circumstances and lender criteria. A review does not guarantee acceptance, a lower payment or a saving. Ask about the scope and cost of advice before proceeding.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
General information for UK residential borrowers. Buy-to-let mortgages and specialist arrangements may work differently.