What actually happens when your fixed rate ends
A fixed-rate deal locks your interest rate for a set period, usually two or five years. While it runs, your monthly payment stays the same no matter what the Bank of England does. When the fixed period ends, that protection stops.
Unless you have arranged a new deal, your lender automatically moves you onto its SVR. This is the lender's default rate, and it tends to sit well above the best deals on the market. You do not have to sign anything for this to happen. It is what you drift onto if you do nothing.
The key point is that ending a fixed rate is not a deadline you have to meet in a panic. It is a date you can see coming months ahead, which gives you time to line up something better before you ever touch the SVR.
The timeline: start six months out
Most lenders will let you lock in a new deal up to six months before your current one ends. That window is your friend. It means you can secure a rate early and still keep looking.
Here is the sensible rhythm to follow.
- ▸Six months before: Check your paperwork or app for the exact date your fixed rate ends. Start comparing deals and, if you use one, speak to a broker.
- ▸Three to six months before: Lock in a new rate you are happy with. Locking early protects you if rates rise. If rates fall before completion, you can usually switch to the cheaper deal.
- ▸One month before: Confirm everything is in place so the new deal starts the day the old one ends, with no gap on the SVR.
- ▸The end date itself: Your new deal should take over seamlessly. If it has not, chase your lender or broker straight away.
Your three options compared
When a fixed rate ends you have three broad paths: take a new deal with your current lender (a product transfer), move to a different lender (a remortgage), or do nothing and sit on the SVR. The table below sets out the trade-offs.
| Option | Pros | Cons |
|---|---|---|
| Product transfer (stay with your lender) | Fast and simple, usually no new affordability check, no valuation, little or no legal work, often no fees | You only see your own lender's deals, which may not be the cheapest on the market |
| Remortgage (move to a new lender) | Access to the whole market and potentially the lowest rate, chance to borrow more or change the term | Full application with affordability checks, valuation and legal work, can take weeks, may carry fees |
| Do nothing (roll onto SVR) | No action needed, no fees, full flexibility to overpay or leave at any time | Usually the most expensive rate by far, and it can rise without warning |
Product transfer or remortgage: which suits you
A product transfer is often the right call when you value speed and simplicity, when your circumstances have not changed much, or when your income has dipped and you might struggle to pass a fresh affordability check. Because you are staying put, the lender does not usually reassess whether you can afford the loan, so it can be a lifeline if your finances are tighter than they were.
A remortgage tends to win when the savings are worth the effort. If a new lender offers a noticeably lower rate, or you want to release equity, shorten the term, or move from interest-only to repayment, moving is often the better move even with the extra paperwork.
The honest answer for most people is to compare both. Get your lender's product-transfer offer, then check it against the best remortgage deals. Sometimes the difference is small and the transfer wins on convenience. Sometimes it is large enough that a few weeks of admin pays for itself many times over.
- ▸Lean towards a product transfer if: You want it done quickly, your income or credit picture has weakened, your loan is small so fees would eat any saving, or your lender's offer is close to the market's best.
- ▸Lean towards a remortgage if: A new lender clearly beats your own, you want to borrow more or change the term, or you have built up equity that unlocks a lower loan-to-value band and a better rate.
The 2026 picture and the payment shock
Many homeowners coming off a fix in 2026 first fixed during the very low-rate years around the pandemic. Rates then were some of the cheapest ever seen. Rates today sit a good deal higher, so the new deal will almost certainly cost more than the old one, even if you shop hard for the best price.
This gap is what people mean by payment shock. It is not caused by picking the wrong deal. It is simply the difference between an unusually cheap fix and today's normal rates. Knowing it is coming lets you plan rather than be caught out.
There are practical ways to soften the blow. Overpaying while you are still on the cheap rate cuts the balance you refinance. Stretching the term lowers the monthly figure, though it costs more in interest overall. And a longer fix can buy certainty if you would rather know your payments than gamble on rates falling. A broker can model these choices against your own numbers.
Should you use a mortgage broker?
A broker searches across many lenders, handles the application paperwork, and can flag deals you would not find on comparison sites. For anything beyond a straightforward like-for-like transfer, that expertise usually earns its keep.
Brokers are especially worth it if your situation is at all unusual: self-employed income, a new-build or non-standard property, a recent dip in credit, or a wish to borrow more. They know which lenders say yes to which cases, which saves you wasted applications.
Check how the broker is paid before you start. Some charge a fee, some are paid a commission by the lender, and some do both. A whole-of-market broker who can access the full range of lenders will give you the widest view. If your case is simple and you are happy to stay with your lender, you may not need one at all.
Frequently Asked Questions
How long before my fixed rate ends should I start looking? Aim to start around six months out, because most lenders let you lock a new deal up to six months ahead and switch to something cheaper if rates fall before it begins.
Will a product transfer need a new affordability check? In most cases no, because you are staying with the same lender on the same loan, which is exactly why a transfer can help if your income has dropped.
What is the Standard Variable Rate and why is it so high? The SVR is the default rate your lender sets once your deal ends, and it usually sits well above the best fixed and tracker deals, so it is the rate to move off quickly.
Can I overpay my mortgage before my fixed rate ends? Yes, most fixed deals let you overpay up to a yearly limit without penalty, and doing so shrinks the balance you refinance onto a higher rate.
What happens if I do nothing when my fix ends? You are automatically moved onto the SVR, your monthly payment usually jumps, and that rate can rise further without warning until you arrange a new deal.
Your action plan
Ending a fix is a moment to take charge, not to worry. Find your end date, start comparing six months out, and never let yourself drift onto the SVR by accident.
Weigh a quick product transfer against a full remortgage, use a broker if your case is anything but simple, and overpay while you still can. A little planning turns an unavoidable rate rise into something you have controlled rather than something that has controlled you.
Key Takeaways
- ✓When a fixed rate ends you are moved onto the lender's Standard Variable Rate, which is usually much higher, so never let yourself drift onto it by accident.
- ✓Start comparing deals around six months before your fix ends; most lenders let you lock a new rate that early and still switch to a cheaper one if rates fall.
- ✓A product transfer keeps you with your lender, is fast, and usually skips a fresh affordability check; a remortgage opens the whole market but means a full application.
- ✓Many borrowers rolling off cheap pandemic-era fixes in 2026 face a real payment jump, so plan for a higher monthly cost even with the best new deal.
- ✓Overpaying before the switch, adjusting the term, or using a broker can all soften the increase, and a broker is well worth it if your situation is unusual.