Your mortgage fixed rate is ending: what to do and when
In short: start looking about six months before your fixed rate ends. Many lenders let you secure a new deal that far ahead, though some only allow three or four months for switching deals with them. If you do nothing, you’ll usually move onto your lender’s standard variable rate, which is typically much higher.
A mortgage is the biggest renewal most households have, and the one where leaving it late costs most. The good news is that you can usually act well before the date.
When can I lock in a new deal?
It depends on the lender and on whether you stay or move:
- Staying with your lender (a product transfer): windows vary. In 2024 several big lenders shortened theirs: Nationwide and Santander to four months, Halifax and Lloyds to four months, and Barclays to 90 days, while others such as HSBC, NatWest and Virgin Money still allowed six months. Check your own lender, as these change.
- Moving to a new lender (remortgaging): generally up to six months ahead.
Securing a rate early doesn’t always lock you in: many lenders let you switch to a better deal if rates fall before your fix ends. Ask before you commit.
Stay or move?
A product transfer is usually quicker and simpler: no new valuation or full affordability check in most cases. A remortgage to a new lender can get a better rate, but takes longer and may involve legal work and fees. A whole-of-market mortgage broker can compare both for you.
A simple plan
- Six months before: find your end date, your balance and any early repayment charges.
- Five to six months before: talk to a broker or your lender. Compare staying with moving, including fees.
- As soon as your lender allows: secure a rate. Keep an eye on rates and ask whether you can switch if they fall.
- Before the end date: make sure the new deal is in place, so you never spend a month on the standard variable rate.
How Sort Admin helps: new mortgage items remind you 6 months, 3 months, 30 days and 7 days before your fix ends. Renting? The same item works for your lease, so you’re never caught out by a renewal letter.