If your current mortgage deal is coming to an end in the next six months or so, now's the time to start thinking about what comes next. Reviewing your options early — rather than letting your deal lapse onto your lender's Standard Variable Rate (SVR) — can save you a lot of money and a lot of stress.
This guide walks through your main options when a mortgage deal ends, how to think about each, and what to watch out for.
Why review your mortgage at all?
The biggest risk of doing nothing is falling onto your lender's Standard Variable Rate when your existing deal expires.
The SVR is your lender's default rate — almost always significantly higher than the deal you've been on, and it can fluctuate at the lender's discretion. For most borrowers, the move from a fixed deal onto SVR means an immediate and noticeable jump in monthly payments. That's the worst-case outcome of leaving things too late.
A timely review gives you the chance to either lock in a new deal, restructure your borrowing, or actively choose to stay on a variable rate — rather than ending up on one by accident.
Check when your deal actually ends
A common misconception is that a 2, 3, or 5-year deal ends exactly 2, 3, or 5 years after you took out the mortgage. It usually doesn't.
Most lenders set a specific end date for fixed rates — often the last day of a particular month — regardless of when your mortgage actually started. Always check your paperwork or call your lender to confirm the exact date, as it may end sooner than you think.
Switch or remortgage?
When your deal is approaching its end, you essentially have two routes:
Product transfer (stay with your current lender)
Move onto a new deal with your current lender. This is usually quicker and involves less paperwork, but it limits you to whatever products your lender currently offers — which may or may not be the most competitive in the market. Watch out for product fees, which you may need to pay up front.
Remortgage (move to a new lender)
Look across the whole market to find a more competitive deal. You can usually start the remortgaging process up to six months before your current deal expires, so there's time to do this without rushing. A remortgage often saves hundreds — sometimes thousands — over the term of the new deal compared to letting things lapse onto SVR.
A mortgage adviser will compare both options for your specific circumstances and recommend whichever is genuinely best — not whichever is easiest. If you're partway through a deal and considering moving home rather than just remortgaging, our guide on porting your mortgage may also be relevant.
Extending your term
Some lenders may offer the option to extend your mortgage term. On a capital repayment mortgage, spreading the same balance over a longer period reduces your monthly payment.
This can take the sting out of a rate increase, but it means paying back more interest over the life of the loan if you don't shorten the term again later. Most lenders allow you to make overpayments — typically up to 10% of the balance per year — which can help offset the extra interest if your circumstances allow.
Consider your loan-to-value (LTV)
The interest rates you'll be offered depend on your Loan to Value — the amount outstanding on your mortgage compared to the current value of your property.
When you remortgage or switch, the lender will conduct a new valuation. Generally, the lower your LTV, the more competitive the rate you'll be offered. So if your property has gained value (or if you've paid down a meaningful chunk of the balance), you may now sit in a better LTV bracket than you did when you first took out the mortgage.
If you're close to a key threshold (60%, 75%, 80%, 85%), it's worth considering whether a small overpayment could push you into a better bracket and unlock a more competitive rate. For more on the trade-offs of fixing your new rate, see our guide on fixed rate mortgages.
The bottom line
If you have a current mortgage and your deal is due to end within the next six to seven months, now's the time to review. Leaving it any later risks landing on the SVR by default — which is rarely the right outcome for anyone.
If you'd like to talk through your options, get in touch with the team. We'll compare a product transfer with a market-wide remortgage and recommend whichever genuinely makes most sense for your situation.
Regulatory notes
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.