TL;DR
In short
- If your fixed rate mortgage is ending, start planning about six months before the end date. Many lenders let existing customers book a new deal three to six months ahead (some, such as Halifax, up to four months), and an offer from a new lender can often be secured earlier.
- Booking a rate early does not have to lock you in. Lenders that signed the Mortgage Charter let you ask for a better like-for-like deal, if one is available, until the new deal starts.
- Compare two routes side by side: a new deal with your current lender (a product transfer) and a remortgage to another lender. A remortgage takes longer because it needs a full application, a valuation and legal work.
- If you do nothing, your lender will usually move you to its standard variable rate (SVR). At the start of October 2026 the average SVR was 7.13%, against average 2- and 5-year fixed rates of 5.93% and 5.95% (Moneyfacts).
- Time the switch so the new deal starts when the old one ends: earlier may trigger an early repayment charge, later means paying the SVR.
If your fixed rate ends within the next year, the order in which you do things matters almost as much as the rate you pick. Below is a month-by-month plan for the last six months of your deal, for homeowners deciding between a new deal with their current lender and a remortgage elsewhere. It is general information, not personal advice, and lender rules change often, so check the details of your own mortgage.
Why does the end of your fixed rate matter now?
Many borrowers coming off fixed rates taken out a few years ago face a much higher monthly payment, and good deals now disappear quickly. UK Finance expected around 1.8 million fixed-rate mortgages to end in 2026, up from about 1.6 million in 2025.
At the start of October 2026, according to Moneyfacts:
| Measure (all LTVs) | Start of October 2026 |
|---|---|
| Average 2-year fixed rate | 5.93% (5.59% a month earlier) |
| Average 5-year fixed rate | 5.95% (5.63% a month earlier) |
| Average standard variable rate (SVR) | 7.13% |
| Average deal shelf life | 13 days |
The shelf life matters most for planning. A deal stayed on sale for 13 days on average, so the rate you see today may be repriced or withdrawn within two weeks. Rates kept moving during the month: on 5 October the average 5-year fix reached 6%, its highest level since 2023. The Bank of England held Bank Rate at 3.75% in September 2026, with its next decision due on 5 November 2026. Fixed rates still went up in the meantime, because lenders price them mainly from swap rates, which react to market news between Bank Rate decisions. We explain the link in how changes in interest rates affect mortgage repayments.
These figures are a snapshot from October 2026, not current offers.
How much could your payment change? An illustrative example
In this illustrative example, coming off a 1.9% fix pushes the monthly payment up by about £349 on a new fix and about £470 on the SVR. The rates are assumptions for the calculation, not current offers.
Tom and Anna took out a £200,000 repayment mortgage over 25 years in 2021, with a 5-year fixed rate of 1.9%. Their monthly payment was about £838. When the fix ends, they owe about £167,000 and have 20 years left.
| Scenario for the remaining £167,000 over 20 years | Interest rate | Monthly payment | Change vs today |
|---|---|---|---|
| Current fixed rate | 1.9% | £838 | – |
| New fixed rate (assumed, close to the October 2026 averages) | 5.9% | £1,187 | +£349 |
| Lender’s SVR (assumed at the October 2026 average) | 7.13% | £1,308 | +£470 |
What this means for them:
- Every month on the SVR instead of the new fix costs about £121 more. Three months would cost about £363.
- If they booked 5.9% and a 5.6% deal appeared before the new deal started, switching would cut the payment by about £29 a month, or roughly £1,700 over five years (simplified, before any fees).
SVRs can change at any time, so the real cost of staying on one may be higher or lower. Your figures depend on your balance, term, rate and fees, and you can test them in our mortgage calculator.
What should you do in the six months before your fix ends?
Work through five stages: gather the facts, compare both routes, book a rate, complete the paperwork and keep checking the market until the new deal starts. Here is what each stage involves.
6 months before: check the facts about your mortgage
Start by finding three dates and two numbers. MoneyHelper suggests you start shopping around at least six months before your deal ends.
- The date your fixed rate ends. It is in your mortgage offer or annual statement.
- The date any early repayment charge (ERC) stops. Usually the same day, but not always. Leaving early may trigger a charge, as we explain in our guide to the early repayment charge.
- Any deadline in a letter from your lender asking you to choose a new deal.
- Your outstanding balance, from your online account or a redemption statement.
- A realistic value of your home. Your balance divided by the value gives your loan-to-value ratio (LTV).
LTV bands matter because rates usually improve at each 5% step, for example from 80% to 75%. If you are just above a band, an overpayment before the fix ends may help. Say your home is worth £225,000 and you owe £170,000: your LTV is about 75.6%, and overpaying £1,250 would bring it to 75%. Many fixed deals let you overpay up to 10% of the balance a year without an ERC, but check your own allowance and remember the lender’s valuation decides the final LTV. We look at the pros and cons in is it worth overpaying your mortgage.
It is also a good moment to check your credit report, especially if you might move to a new lender.
6 to 4 months before: compare a product transfer and a remortgage
You usually have two routes, and it pays to price both before you book anything.
- Product transfer: a new deal with your current lender. If you are up to date with payments and are not borrowing more or changing the term, the lender usually does not need a full affordability check. That can help if your income or job has changed since you took the mortgage.
- Remortgage: a new mortgage with another lender. It means a full application, a credit check, a valuation and legal work by a solicitor or conveyancer, but it opens up the rest of the market. We walk through it in remortgage step by step.
Which one wins depends on the rates, fees, your LTV and your circumstances. Write down anything that has changed since your last mortgage: a new job, self-employment, lower income, a new loan or a change in your household. After a job change, for example, a new lender may want you to have been in the role for a minimum period, as we describe in mortgage in the UK and changing jobs.
Two FCA changes from July 2025 are worth knowing about (PS25/11). A new lender can now use a lighter affordability check if you have had no payment shortfall on your existing mortgage in the previous 12 months, are not borrowing more and the new deal meets the FCA’s more-affordable test against your current mortgage or a new deal indicated by your current lender. Lenders do not have to offer this. It is also easier to switch without advice (execution-only), which can be quicker, but then you are responsible for checking the deal suits you.
If you bought with a Help to Buy equity loan in England, remortgaging to a new lender without borrowing more needs consent from Homes England, so allow extra time (GOV.UK).
Ask your adviser to compare the total cost over the deal period, not just the monthly payment: the rate, any product fee, valuation and legal costs, and whether a fee would be added to the loan.
4 to 3 months before: book a rate
Once you find a suitable deal, you can usually reserve it before your current one ends. Moneyfacts says many lenders allow borrowers to secure a new deal three to six months before their existing one ends. For a product transfer, several large lenders have shortened the window in recent years. Halifax, for instance, lets existing customers arrange a new deal up to four months before the current one ends and does not charge an ERC for switching in the last three months. Nationwide lets fixed-rate customers apply online when fewer than four months are left. A remortgage offer from a new lender is often valid for several months, which is why it can be secured earlier.
With deals lasting about two weeks on average, waiting until the last month leaves less to choose from. Booking early protects you if rates rise, and with many lenders it does not stop you moving to a cheaper deal if rates fall.
3 to 1 months before: application, valuation and offer
For a remortgage, this is the busiest stage. The new lender assesses your application, values the property and issues a mortgage offer, and your solicitor or conveyancer arranges for the old mortgage to be paid off on completion. A remortgage often takes four to eight weeks from application to completion, and longer if the valuation or legal work is held up. Get your documents ready early: the lender will tell you what it needs, which may include proof of identity and address, recent payslips or accounts, and bank statements.
A product transfer is usually much quicker and often needs no legal work. Still read the new offer carefully: the rate, the term, the ERC period and any fees.
Until the start date: check the rate again
If rates fall after you have booked, you may be able to move to a cheaper deal. Under the Mortgage Charter, borrowers with signatory lenders can lock in a new deal up to six months ahead and ask for a better like-for-like deal with their lender, if one is available, right up until the new deal starts. In practice lenders set their own cut-off, sometimes a few weeks before the start date, so do not leave it to the last day. The Charter is a voluntary commitment covering residential mortgages, not buy-to-let. FCA data shows around 381,000 borrowers locked in a new deal early between April and June 2026.
Before you change, check whether you would lose a fee you have already paid and whether a new application would delay completion. In the example above, a 0.3 percentage point drop was worth about £29 a month.
When your fixed rate ends: make sure the new deal has started
Check that the new rate starts on time and that your direct debit shows the new payment. If it does not, contact your lender or adviser straight away. If you do end up on the SVR or another reversion rate (names vary: Halifax, for example, calls it a Homeowner Variable Rate), there is usually no ERC, so you can often move to a new deal at any time. Each month there can still cost more, as the example shows. We compare the two types of rate in fixed or variable interest rate in the UK.
Your timeline at a glance
| When | What to do |
|---|---|
| 6 months before | Check the end date, ERC date, balance, home value and credit report; consider an overpayment if you are close to an LTV band |
| 6 to 4 months before | Compare a product transfer with remortgage options across the market |
| 4 to 3 months before | Book a rate, if a suitable deal is available |
| 3 to 1 months before | Application, valuation, mortgage offer and legal work (remortgage) |
| Until the start date | Check rates again and ask about a better like-for-like deal if they fall |
| End of the fix | Confirm the new deal has started and the payment is right |
What if you are on a visa or have pre-settled status?
A product transfer with your current lender is often the simpler route, because moving to a new lender means a full application in which your residency status is assessed again. A new lender may ask for proof of your right to live in the UK, such as a share code, and criteria differ widely: some lenders want a minimum time left on your visa, and some accept pre-settled status only at a lower LTV. If your status has improved since you took the mortgage, for example from pre-settled to settled status, more lenders may now consider you. If you are paid in a foreign currency, expect fewer options, because some lenders count only part of that income or do not accept it. This is about lender criteria, not immigration advice, and owning a home in the UK does not change your immigration status.
What if the new payment is too high?
If the new payment would stretch your budget, talk to your lender or adviser before the fixed rate ends. Options may include a longer term, a different deal length or, with lenders that signed the Mortgage Charter, a switch to interest-only for six months without a new affordability check if you are up to date with payments. A longer term usually means paying more interest overall. We cover other ways to lower the payment in how to pay lower mortgage instalments. If you are already struggling or have missed a payment, contact your lender as early as you can. Free, impartial help is available through MoneyHelper.
How Extend Finance can help
Extend Finance is a whole-of-market broker with access to products from more than 100 banks and lenders. We can compare your current lender’s new deal with remortgage options across the market, help you book a rate in advance and check it again before the new deal starts. Our advisers speak English and Polish. Any applicable mortgage advice fee is disclosed to you before you decide to proceed. Get in touch about six months before your fixed rate ends.
Summary
The end of a fixed rate is much easier to handle if you start about six months ahead. Check your dates, balance and LTV, price a product transfer against a remortgage, book a suitable rate and keep an eye on the market until the new deal begins. Get the timing right and you avoid both an early repayment charge and months on the SVR. If you would like a second pair of eyes on the numbers, our first conversation is free and there is no obligation.
FAQ
Frequently asked questions
How early can I secure a new rate before my fixed rate ends?
It depends on the lender and the route. For a new deal with your current lender, many lenders open the window three to six months before the fixed rate ends; Halifax, for example, allows up to four months. An offer from a new lender can often be secured earlier, up to around six months ahead, because mortgage offers stay valid for several months. Lenders that signed the Mortgage Charter commit to letting borrowers lock in a deal up to six months ahead.
What happens if I do nothing when my fixed rate ends?
Your lender will usually move you to its standard variable rate (SVR) or a similar reversion rate, which is normally higher than fixed rates. At the start of October 2026 the average SVR was 7.13%, compared with average 2- and 5-year fixed rates of 5.93% and 5.95%, according to Moneyfacts. There is usually no early repayment charge on the SVR, so you can often switch to a new deal later, but every month there may cost you more.
Can I change my new deal if rates fall after I have booked it?
Often yes. Under the Mortgage Charter, borrowers with signatory lenders can ask for a better like-for-like deal, if one is available, until the new deal starts, although lenders set their own cut-off, sometimes a few weeks before. With a remortgage you may also be able to choose a different deal before completion. Check whether you would lose a fee you have already paid and whether the change would delay completion.
Should I choose a product transfer or a remortgage?
It depends on the rates and fees on offer, your loan-to-value ratio and your circumstances. A product transfer with your current lender is usually quicker and often does not need a full affordability check if you are up to date with payments and are not borrowing more or changing the term. A remortgage gives you the whole market but involves a full application, a valuation and legal work. Compare the total cost of both over the deal period.
Will I pay an early repayment charge if I switch before my fix ends?
You may, if the new deal starts while your current early repayment charge still applies. Find the date the charge ends in your mortgage offer and time the new deal to start then. Booking a new rate in advance usually does not trigger a charge, because the new deal starts only when the old one ends. Some lenders also waive the charge for switching to one of their own deals near the end: Halifax, for example, does not charge an ERC in the last three months.
Can I overpay before my fixed rate ends to get a better rate?
You can, and it may help if it brings your loan-to-value ratio below the next band, for example from just over 75% to 75%. Many fixed-rate deals let you overpay up to 10% of the balance each year without an early repayment charge, but allowances vary, so check yours first. The lender’s own valuation decides the final LTV.
