My Fixed Rate Is Ending — What Happens Next?
If your fixed rate mortgage is ending soon, you might be feeling a little anxious — and understandably so. When a fixed deal finishes, your lender will automatically move you onto their Standard Variable Rate (SVR), which is usually much higher. With interest rates still elevated in 2025, this could mean a significant jump in your monthly payments.
But don’t worry — you have options, and acting early can make a huge difference.
Why your payments could rise in 2025
When your fixed rate ends, your mortgage no longer benefits from the low, locked-in rate you originally agreed to. Instead, your lender places you on their SVR.
Here’s why that matters:
- Higher interest rates: The Bank of England base rate has remained high in 2024 and into 2025, keeping lenders’ SVRs at elevated levels.
- Payment shock: For many households, this shift could mean hundreds of pounds more per month in mortgage repayments.
- Uncertainty: Unlike fixed rates, SVRs can change at any time, making it harder to budget.
That’s why planning ahead is crucial.
Your options: Remortgage, product transfer, or extend your term
You don’t have to accept the SVR. Here are your main choices:
- Remortgage to a new lender
- Shop around for a better deal with another bank or building society.
- This could secure you a lower fixed or tracker rate than your lender’s SVR.
- Keep in mind: affordability checks and arrangement fees may apply.
- Product transfer with your current lender
- Many lenders offer existing customers new fixed or tracker deals.
- Often quicker and with fewer checks than a full remortgage.
- While rates might not always be the cheapest on the market, it’s usually simpler.
- Extend your mortgage term
- By stretching out the length of your mortgage, you lower your monthly payments.
- This does mean paying more interest overall, so it’s not for everyone.
Each option has pros and cons, so it’s wise to compare carefully — or get professional advice.
How to prepare before your deal expires
The earlier you act, the more options you’ll have. Here’s how to get ready:
- Check your deal’s end date — Most lenders let you secure a new product up to six months before expiry.
- Review your finances — Look at your budget and decide what you can realistically afford.
- Get mortgage advice — An independent broker can compare deals across the market and help you avoid costly mistakes.
- Avoid last-minute stress — Leaving it too late may leave you stuck on the SVR, even for a short period.
📌Book a free mortgage review today and secure a better deal before your payments jump.
Emily's Mortgage Services LTD 