If you do nothing, here's what happens.
On the day your fixed rate ends, your lender automatically moves you onto its Standard Variable Rate (SVR). The SVR is the lender's default rate — and it's almost always materially higher than any deal you could fix into. As of mid-2026, most high street SVRs sit between 7% and 8.5%, while competitive fixed deals are around 4%–5%.
On a £200,000 mortgage with 20 years left, the difference between paying 4.5% and paying 7.5% is roughly £350 a month. People who let their fix lapse and stay on SVR for "just a couple of months while I sort it out" routinely throw away £700+ doing it.
The most expensive month of your mortgage
For most borrowers, it's the first month after a fix ends — because they didn't realise quite how much SVR costs. By the time the first higher direct debit lands, you can be a month away from getting onto a new deal.
When to start looking.
Six months before your fix ends. That's the practical answer.
Most lenders will let you lock in a new rate up to six months in advance of your existing deal expiring. The new deal doesn't start until your fix ends — but you've protected yourself from any rate rises that might happen between now and then. If rates fall before your existing deal ends, you can usually re-rate down to the better offer. It's a one-way option in your favour.
Three months out is the latest you should leave it without a plan. Two months out, you need to be actively in motion. One month out and you're cutting it fine.
Product transfer vs full remortgage.
When your fix ends, you've broadly got two routes:
- Product transfer (sticking with the same lender)
Your existing lender offers you a new fixed (or tracker) deal. Less paperwork, no new affordability assessment, no legal fees, completes quickly. But you're only seeing one lender's pricing — and it might not be the best.
- Full remortgage (switching to a new lender)
You apply with a new lender. More work — affordability assessment, valuation, legal work — but you're seeing the whole market. Most lenders cover the legal and valuation costs on a remortgage, so the out-of-pocket is usually small.
Which is right for you depends on whether the difference in rate justifies the extra effort. For some borrowers, the product transfer is genuinely the best deal — particularly if your circumstances have changed in ways that would make a new affordability assessment painful. For others, switching saves real money. We'll tell you honestly which side of the line your situation falls on.
What might have changed since your last application.
Your situation isn't the same as it was when you took out your current fix. The lender market has moved on too. A few things to think about:
- Your loan-to-value has probably improved
Five years of payments plus property price growth usually means you're a less risky borrower than you were. That often unlocks better rates.
- Your income may have changed
Up is great. Down is workable if planned for — but it's something to flag early, not at the application stage.
- Your circumstances may have changed
Kids, separation, a job change, going self-employed — these all affect what's available and from which lender. Some lenders are much more accommodating than others.
- Rates and products have changed
Two-year fixes vs five-year fixes are priced very differently now compared to a few years ago. Trackers are competitive again for some profiles. The right product type isn't necessarily what you had last time.
Should I fix for two years or five?
The honest answer: it depends on what you think rates will do, and on what risk you can absorb. If you're at the limit of affordability, a longer fix buys certainty — and at the moment that's often worth paying a small premium for. If you've got headroom and you expect rates to fall, a two-year fix lets you reprice sooner.
Tracker rates are a third option — they move with the Bank of England base rate. Cheaper today than most fixes, but you're exposed if base rate climbs. For some profiles they're a good fit; for most people the certainty of a fix is worth the small extra cost.
Frequently asked.
Will I have to pay legal fees again? On most remortgages, the new lender covers the legal work and the valuation. Out-of-pocket is usually small.
Will I have to start a new 25-year term? No. You remortgage onto the remaining term of your existing mortgage by default — typically whatever's left, e.g. 18 years.
Can I borrow more at the same time? Yes — many borrowers remortgage and capital-raise for an extension or other purpose. It's a single application and usually the cheapest way to borrow.
The short version.
Start six months out.
Lock in protection against rate rises while preserving the ability to take a better deal if rates fall.
Look at the whole market — and your own lender.
A product transfer is sometimes best, a remortgage is sometimes best. Compare both honestly.
Don't drift onto SVR.
It's almost never the right outcome. Even one month costs serious money.
Your home may be repossessed if you do not keep up repayments on your mortgage. This guide is general information, not personal mortgage advice. For advice on your specific situation, book a free chat.