Remortgaging when your fixed rate ends
By Chris Pollitt · Last checked 6 November 2026 · 2 min read
Most mortgages in the UK start with a fixed or tracker deal lasting two, three or five years. When it ends, you move onto the lender's standard variable rate, which is almost always higher. A little planning before the end date can save a lot of money.
When to start looking
Many lenders let you secure a new deal up to six months before your current one ends. That's worth doing, because if rates rise in the meantime you keep the rate you secured, and if they fall you can usually switch to a better one before it starts.
Product transfer or remortgage?
A product transfer means taking a new deal with your existing lender. It's usually quick, often needs no new valuation or legal work, and there may be no affordability check if you're not borrowing more. A remortgage means moving to a different lender. It can get you a better rate, and lets you borrow more or change the term, but involves a new application, a valuation and some legal work. Many lenders offer free legal work and valuations for remortgages.
A broker can compare both options for you. Some charge a fee and some are paid by the lender.
Check your loan-to-value
Your loan-to-value (LTV) is the mortgage balance as a percentage of the home's current value. Because you've paid some off and prices may have risen, your LTV may have dropped into a cheaper band since you took out your last deal. Look up recent sold prices for similar homes on your street to get a sense of your home's current value.
Compare the total cost, not just the rate
A low rate with a big arrangement fee can cost more than a slightly higher rate with no fee, especially on a smaller mortgage. Add up the fees and the payments over the deal period to compare properly. Check whether the fee is added to the loan, because then you pay interest on it too.
Other things to think about
- Overpayments. Most deals let you overpay up to 10% of the balance a year without a charge, which can shorten your mortgage noticeably.
- Term. Extending the term lowers monthly payments but increases the total interest you pay.
- Early repayment charges. If you might move or pay off a large sum during the deal, check the charges, or consider a deal without them.
- Your circumstances. A change in job, income or credit history can affect a remortgage more than a product transfer.