What Happens When Your Fixed-Rate Mortgage Ends?

When your fixed rate ends, your mortgage usually moves onto your lender’s standard variable rate (SVR), unless you arrange a new deal. The SVR is usually higher, so your monthly payments could go up. The good news is that you can usually arrange your next deal up to six months before your current one finishes.

This guide explains exactly what happens at the end of a fixed rate, your main options, when to start looking, what happens if you do nothing, and where to get help if you’re worried about higher payments.

What happens when your fixed rate ends?

A fixed-rate mortgage keeps your interest rate the same for a set period, often two, five or ten years. When that period ends, the mortgage itself carries on, but the special rate doesn’t.

MoneyHelper explains that at the end of a fixed rate, “the interest rate changes to the lender’s standard variable rate (SVR) unless you get a new deal or remortgage”. The Financial Conduct Authority (FCA) calls this the “reversion rate”, and says it’s usually higher than your initial rate.

What is the standard variable rate?

The SVR is your lender’s own default rate. MoneyHelper says each lender sets its own SVR, it can change at any time, and it’s usually higher than the lender’s other mortgage products. On the plus side, you can usually leave an SVR at any time, and there’s usually no limit on overpaying.

Will my payments go up automatically?

If you don’t arrange a new deal, your payments will usually change automatically when you move to the SVR. Because the SVR is usually higher than a fixed rate, that often means a bigger monthly payment. MoneyHelper warns your bill “could jump by hundreds – even thousands – unless you take action”.

£New payment calculatorSee what a new rate could do to your monthly paymentTry it →

Your 3 main options when your deal ends

MoneyHelper describes two ways to get a new deal, and there’s a third option if you take no action.

Product transfer: staying with your lender

A product transfer means picking a new deal from your existing lender. The FCA says that if you’re up to date with your payments, you should be able to switch to a new deal with your existing lender without having to pass an affordability check, as long as you’re not borrowing more. There can be exceptions, so it’s worth asking your lender.

Remortgage: moving to a new lender

Remortgaging means moving your mortgage to a different lender, which lets you compare deals across the market. MoneyHelper notes that unless you choose a fee-free deal, you may have legal, valuation and administration costs to pay, and it’s worth checking for arrangement or product fees too. A new lender will also check that you can afford the mortgage.

Our guide to when and why you might remortgage explains the process and the costs in more detail, and our guide to fixed, variable and tracker mortgages explains the types of deal you might choose next.

Doing nothing: moving to the SVR

If you do nothing, you’ll automatically move onto your lender’s SVR when your fixed rate ends. You can usually leave the SVR at any time, but because it’s usually higher than the lender’s other rates, staying on it can mean paying more than you would on a new deal.

When should you start looking for a new deal?

MoneyHelper says you can usually apply for a new mortgage up to six months before you need it to start, and the FCA notes that mortgage offers usually last for three to six months. That means you can line up your next deal well before your fixed rate ends, and arrange for it to start when your current one finishes.

1. Find your end date Check your mortgage paperwork, or ask your lender.
2. About 6 months before Start comparing deals with your current lender and the wider market.
3. 3 to 6 months before Apply for your chosen deal, so the offer is in place in good time.
4. Up to the start date Keep an eye on rates. Lenders that have signed the Mortgage Charter let you ask for a better like-for-like deal, if one is available, until your new deal starts.
5. The day your fix ends Your new deal starts, with no gap on the SVR.

Fix again, or choose a variable rate?

When your fixed rate ends, you don’t have to choose another fixed rate. The main types of deal work like this:

Which suits you depends on your circumstances, including how much certainty you’d like over your payments. Our guide to fixed, variable and tracker mortgages explains the differences in more detail. If you’d like a personal recommendation, an FCA-authorised mortgage adviser can look at your situation.

Things to check before you choose your next deal

MoneyHelper suggests doing your sums before you switch, because what looks like a money-saving deal can end up costing more. These are worth checking on any new deal:

• The fees: arrangement or product fees, and any legal, valuation or admin costs if you’re moving lenders.
• The total cost, not just the rate: MoneyHelper suggests comparing the APRC (annual percentage rate of charge), which includes fees as well as interest.
• Early repayment charges on the new deal: if you might move or pay off your mortgage, MoneyHelper suggests looking at deals with low or no early repayment charges.
• Overpayments: many fixed-rate deals let you overpay up to 10% a year without a fee. Check the limit if you’d like to pay your mortgage off faster.
• Your monthly budget: MoneyHelper suggests working out what you can afford each month before you compare deals.

How much notice will my lender give?

There isn’t a single fixed notice period that applies to everyone. Lenders that have signed the government’s Mortgage Charter, which covers around 90% of the mortgage market, have committed to giving well-timed information to help customers plan ahead when their current rate is due to end.

Rather than waiting for a letter, it’s worth knowing your own end date and starting to look about six months beforehand.

Can I switch before my fixed rate ends?

Yes, you can, but leaving a fixed rate early usually means paying an early repayment charge. MoneyHelper says you’ll usually have to pay penalty fees if your deal isn’t coming to an end. Arranging a new deal to start on the day your fixed rate finishes avoids this.

If you’re thinking about leaving early anyway, our early repayment charge calculator compares the cost of switching now with staying until your fix ends.

⇄Early repayment charge calculatorIs leaving your fixed rate early worth the charge? Compare on your own figuresTry it →

What if I’m worried about higher payments?

If you think you’ll struggle when your fixed rate ends, the FCA’s advice is to contact your lender as soon as possible. It also points out that simply talking to your lender won’t affect your credit file.

Depending on your circumstances, your lender may be able to help, for example by:

• extending your mortgage term, which lowers your monthly payments but increases the amount you pay back overall
• switching you to interest-only for a while, which can lower payments for a time but may mean higher payments later

Lenders that have signed the Mortgage Charter have also agreed that you won’t be forced out of your home without your consent within a year of your first missed payment, except in exceptional circumstances. Free, impartial guidance is available from MoneyHelper.

Summary

When your fixed rate ends, your mortgage usually moves to your lender’s SVR, which is often higher and can change at any time. You can usually arrange a product transfer or a remortgage up to six months ahead, so your new deal starts as soon as the old one finishes. Knowing your end date and starting early gives you the most choice.

Sources

• MoneyHelper – Understanding mortgages and interest rates
• MoneyHelper – Can I change my mortgage provider?
• MoneyHelper – Remortgaging to get the best deal
• Financial Conduct Authority – Support available for mortgages as interest rates rise
• GOV.UK – Mortgage Charter

Last updated: 1 November 2026. This guide is general educational information only and is not regulated financial advice.