Published on April 21, 2026
When your mortgage deal comes to an end, it’s important to understand what happens next and how it could affect your monthly payments. Many homeowners don’t realise that once an initial fixed or tracker rate finishes, their mortgage will usually move onto a different rate automatically. This post will walk you through what to expect, the options available to you, and how to plan so you can make an informed decision with confidence.
When your current mortgage deal comes to an end, most lenders will automatically move you onto their Standard Variable Rate (SVR). This is their default rate, which is usually higher than the deal you were previously on and can change at any time. As a result, your monthly payments may increase, sometimes quite noticeably. While this happens automatically, it doesn’t mean it’s your only option, and many homeowners choose to review their mortgage before this point to avoid moving onto a higher rate.
It’s a good idea to start reviewing your mortgage options around 3 to 6 months before your current deal ends. This gives you enough time to explore what’s available, compare rates, and secure a new deal without feeling rushed. Many lenders will allow you to lock in a new rate in advance, which can provide peace of mind, especially if rates are changing. Planning also helps ensure a smoother process and reduces the risk of automatically moving onto a higher Standard Variable Rate.
When your mortgage deal is coming to an end, you typically have three main mortgage options depending on your circumstances and plans.
You may be able to switch to a new deal with your existing lender, often called a product transfer. This is usually a quicker and simpler process, as there’s often less paperwork and no need for legal work.
Switching to a new lender with a remortgage could give you access to a wider range of deals across the market, which may be more suitable for your needs. This option can sometimes offer better rates, but the process may involve additional checks and legal work.
If you take no action, your mortgage will typically move onto your lender’s Standard Variable Rate. While this can offer flexibility, it’s usually more expensive in the long run, so it’s worth reviewing your options before this happens.
When reviewing your options, lenders will reassess your circumstances to determine what they’re willing to offer. This typically includes your income and employment status, your credit history, and your current financial commitments, such as loans or credit cards. They’ll also consider the value of your property and how much you still owe on your mortgage. Having your information up to date and your finances in good shape can help improve the options available to you.
When switching to a new mortgage deal, it’s important to be aware of any associated costs. These can include arrangement fees for the new mortgage, valuation fees, and legal costs, although some lenders may cover certain expenses as part of the deal. If you’re looking to switch before your current deal ends, you may also need to consider early repayment charges. Factoring in these costs will help you understand the overall value of a new deal, not just the interest rate.
A mortgage broker can help you review your options by searching across a wide range of lenders to find a deal that suits your circumstances. They can compare rates, explain the differences between products, and guide you through the process from start to finish. A broker will also handle much of the paperwork and communication with lenders, helping to make the process smoother and less time-consuming, especially if your situation is more complex.
If your mortgage deal is coming to an end, you’re not alone; it’s a common stage that many homeowners go through. The key is to start exploring your options early so you can make a decision that suits your circumstances and avoid moving onto a higher rate unnecessarily. Taking the time to review your options and plan can help you stay in control of your monthly payments and feel more confident about your next steps.