If your fixed rate mortgage is coming to an end, you might be feeling a bit unsure about what happens next—or even a little nervous about your future payments. The good news is, you’re not alone, and you’ve got options.
In this blog, we’ll walk you through what to expect, what you can do to stay in control, and how HLC Mortgages can help you find your next best move—all in clear, easy-to-understand terms, without any confusing mortgage jargon.
First things first: What happens when a fixed rate mortgage ends?
When your fixed rate mortgage deal ends, your mortgage doesn’t disappear. It simply switches to your lender’s standard variable rate (SVR). This is usually higher than the rate you were paying, and it can go up or down at any time—meaning your monthly payments could increase with little warning.
So while your fixed rate gave you stability, the SVR is a lot more unpredictable—and almost always more expensive.
That’s why it’s important to take action before your fixed deal ends.
When should I start looking for a new mortgage deal?
Ideally, you should start reviewing your options around 4 to 6 months before your fixed rate ends. This gives you plenty of time to:
- Compare rates and deals
- Get a mortgage offer in place
- Avoid rolling onto the SVR
- Keep your monthly payments as low as possible
WE advise you start the process early, so you have a seamless transition from one deal to the next—without any nasty surprises on your bank statement.
What are my options when my fixed rate ends?
You’ve got a few choices when your mortgage deal is coming to an end:
- Remortgage to a new lender
This means switching your mortgage to a different provider who’s offering a better rate or more suitable terms.
- ✅ Can save you money
- ✅ Access to better rates or features
- ✅ Tailored to your current goals (e.g., overpaying, borrowing more, etc.)
- Do a product transfer with your current lender
This is when you stay with the same lender but switch to one of their other deals.
- ✅ Usually quicker and easier
- ✅ No legal fees or property valuation needed
- ✅ Good if your circumstances have changed
- Stay on the Standard Variable Rate
We don’t recommend this unless you’re about to pay off your mortgage or need temporary flexibility.
- ❌ Usually the most expensive option
- ❌ Rates can rise at any time
- ❌ No fixed payment security
Will I need to go through the whole mortgage application again?
If you remortgage to a new lender, yes—you’ll go through a new application, including affordability checks, a credit assessment, and possibly a property valuation.
If you’re doing a product transfer, it’s usually much simpler, and some lenders don’t even require income verification.
Either way, we can guide you through it and take care of the paperwork to make it as stress-free as possible.
What if interest rates have gone up?
This is a common concern. If your current fixed rate is ending soon and the new available rates are higher, we’ll help you look at the big picture.
We can:
- We have access to the whole of market for mortgages and are able to search for deals on your behalf
- Look at tracker, variable, or fixed rates based on your situation
- Explore longer-term fixed rates for future protection
- Work out what’s affordable and realistic based on your goals
The key is to plan ahead, so you’re not stuck with an unexpected rate hike when your current deal ends.
What if my circumstances have changed?
Maybe you’ve become self-employed, had a credit blip, or your income has changed since you last got a mortgage. That’s totally normal—and we’re here to help.
At HLC Mortgages, we work with a wide range of lenders, including those who understand real life happens. We’ll help you explain your situation and find a lender who sees the full picture.
Can I borrow more or reduce my term?
Yes! When you remortgage, it’s a great time to review your plans. You could:
- Borrow more to pay for home improvements or consolidate debt
- Shorten your mortgage term to become mortgage-free sooner
- Switch to a longer term if you need lower monthly payments
We’ll help you do the maths and find the right balance between short-term affordability and long-term savings.
However, think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage.
How HLC Mortgages can help
When your fixed rate mortgage is ending, it’s easy to feel overwhelmed by all the options out there. That’s where we come in.
At HLC Mortgages, we’ll:
- Start the process early so you’re not rushed
- Access the whole of market for mortgages and are able to search for deals on your behalf
- Handle all the admin and lender paperwork
- Make sure you don’t pay more than you need to
Whether it’s your first remortgage or your fifth, we make it simple, smooth, and completely stress-free.
Final thoughts
If your fixed rate mortgage is coming to an end, now’s the time to act. By getting ahead of the game, you can avoid costly SVR rates, lock in a better deal, and take control of your future payments.
Every situation is different—and what’s right for one person might not be right for another. That’s why we take the time to understand you, your goals, and your circumstances.
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Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.