What happens when your fixed rate ends?
What happens when your fixed mortgage rate ends: the three options, what could happen to your payment and when to start looking. A plain-English guide for UK homeowners.
By Asis Tewari Published · Last reviewed · 2 min read
The short answer
When your fixed rate ends, most lenders move you onto their standard variable rate unless you choose a new deal. That rate is often higher than a fixed deal, so your monthly payment may rise. You do not have to accept it. You can switch, and it helps to start looking early.
Key takeaways
- If you do nothing when your fixed rate ends, you may move onto your lender's standard variable rate, depending on your mortgage terms.
- MoneyHelper suggests setting a reminder at least six months before your deal ends.
- It is a good time to review how you use spare cash.
What are your options when your fixed rate ends?
| Option | What it means | Good to know |
|---|---|---|
| Switch to a new deal with your current lender | Called a product transfer | Often quick and needs little paperwork |
| Remortgage with a different lender | Move your mortgage to a new lender | Can open up more choice, but involves new checks and sometimes legal, valuation or arrangement fees |
| Do nothing and move to the standard variable rate | Your lender moves you automatically | Keeps things flexible, but the rate is often higher |
How much could your payment rise?
For illustration only, take a £200,000 repayment mortgage with 20 years left. If your rate goes from 3% to 6%, your monthly payment goes from about £1,109 to about £1,433. That is around £324 more a month.
When should you start looking for a new mortgage deal?
MoneyHelper suggests setting a reminder at least six months before your fixed or discount deal ends. Many lenders let you arrange a new deal before your current one finishes, so starting early gives you time to compare options without feeling rushed.
What should you check before you move?
Look at your mortgage paperwork for your end date and any early repayment charges, which depend on your mortgage terms. When comparing deals, look at the total cost, including fees, not just the interest rate.
Is your fixed rate ending a good time to rethink your spare cash?
A new rate changes the maths. If you have spare money each month, this is a natural time to compare overpaying your mortgage with investing it, or with keeping it in savings. The nume calculator shows the options side by side. Capital at risk on anything invested.
Sources
- MoneyHelper: Remortgaging to get the best deal (accessed 3 October 2026)
Mortgage decisions, made clearer
Get occasional insights on overpayments, investing and fixed-rate changes, without the jargon.
This guide is for information only and is not personal advice. Tax treatment depends on your individual circumstances and may change. If you invest, your capital is at risk. The value of investments can go down as well as up, and you may get back less than you invest. Your home may be repossessed if you do not keep up repayments on your mortgage.