As mortgage rates continue to fluctuate, more homeowners across the UK are asking the same question:
“What happens when my fixed rate mortgage ends?”
At Roff Financial, based near Yeovil, Somerset, we offer honest, friendly advice to help you navigate this crucial point in your mortgage journey. Here's what you need to know — and how to prepare.
When Your Fixed Rate Mortgage Ends
When your fixed rate mortgage deal comes to an end (often after 2, 3, or 5 years), your lender will automatically move you onto their Standard Variable Rate (SVR) — which is usually significantly higher than your fixed rate.
This means your monthly payments could increase overnight.
Your Options When a Fixed Rate Deal Ends
You have three main options:
1. Remortgage with Your Current Lender
This is called a product transfer. You stay with your lender but move onto a new deal, usually with no legal or valuation fees.
2. Switch to a New Lender
A full remortgage gives you access to potentially more suitable rates and deals. This can be more cost-effective but may involve credit checks, legal work, and possible fees.
3. Stay on the SVR
We rarely recommend this — unless you have very specific plans (like selling the property soon). SVRs are unpredictable and usually more expensive.
When Should You Start Looking?
We recommend starting your mortgage review 6 months before your deal ends. This gives time to:
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Lock in a new rate early (most lenders let you secure a deal for up to 6 months in advance)
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Avoid reverting to a costly SVR
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Explore all available options without stress
Why Speak to a Mortgage Broker?
At Roff Financial we search over 12,000 mortgage products from more than 90 lenders to find the deal that suits your unique needs.
Whether you're self-employed, moving home, or looking to remortgage for a better deal, we’ll guide you through the process — step by step.
And remember — your initial consultation is FREE.
Based Near Yeovil, Somerset – Supporting Local Homeowners
We specialise in helping clients in South Somerset and across the UK make informed, confident decisions about their mortgage and protection needs.
With over 14 years' experience, Luke Roff and the team are here to provide tailored mortgage advice you can trust.
Ready for a FREE Mortgage Review?
If your fixed rate deal is ending in the next 6 months, don’t leave it until it’s too late.
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