My Fixed Rate Is Expiring Soon, Should I be Worried?

If you’re reading this, there’s a good chance you’ve realised your fixed-rate mortgage deal is approaching its end. Perhaps you’ve received a letter from your lender or logged into your account and noticed your deal ends in a few months.

The question you’re facing is: “Should I be worried?” 

The short answer: Yes, a little. But with the right information and timing, you can turn what feels like a risk into an opportunity.

At Manor Mortgages we specialise in helping homeowners who have fixed-rate deals expiring soon. We know the market, the pitfalls, and the smart steps to take, so you don’t end up stuck on a high-standard variable rate (SVR) and paying far more than you need to.

Last updated: 27 October 2025

Why Expiring Fixed Rates Matter

When your fixed-rate deal ends, your mortgage doesn’t just continue as before. In most cases it will automatically switch to your lender’s Standard Variable Rate (SVR). The SVR can be significantly higher than your fixed rate. That means you could see your monthly repayments jump, putting extra pressure on your budget.

Because of this, many homeowners who have locked in ultra-low rates in recent years now face the end of their safe deal, and it can feel like a ticking time-bomb. Indeed, one report shows that around 1.8 million UK mortgage deals are due to expire in 2025, adding strain to household finances.

The good news? With early planning, you can avoid being caught out, and may even come out ahead by securing a new deal.

What Happens When Your Fixed Rate Ends?

Here’s a simplified breakdown of what you can expect once the fixed-rate period finishes:

Automatic shift to SVR

If you do nothing, your lender will typically place you on their SVR from the day your fixed term ends. Because the SVR is higher and subject to change, staying on it means you’re exposed to interest-rate rises and less predictability in your budgeting.

Opportunity to choose a new deal

Before your fixed rate ends, you have options: switching to a new fixed-rate deal, remortgaging to a different lender, or staying put. Many lenders allow you to start this process 3 - 6 months in advance.

Potential fees or limitations

If you try to switch or remortgage before your fixed term ends, you may face Early Repayment Charges (ERCs). Also, if your credit or finances have changed, you may not qualify for the same terms you once did.

Budgeting impact

Because your interest rate may increase, your monthly repayments could rise. Some homeowners are facing hundreds of pounds extra each month when their low-rate deal ends. That means if you’re not ready, the end of your fixed rate could become a financial headache.

Should You Be Worried?

Yes, but don’t panic. Treat it like a red flag rather than an alarm bell. Being proactive is what makes the difference.

When you should be more concerned

• You locked in a very low fixed rate a few years ago (e.g., < 2 %) and rates have risen significantly since.

  
  

• Your outstanding mortgage balance is large and you have less equity.

  
  

• Your income or credit profile has changed recently (e.g., self-employment, reduced hours).

  
  

• You’re due to roll onto SVR without any action, which could cost you much more.

  
  

• You don’t have a plan for what comes next.

  
  

When you can feel more relaxed

• You have a fixed rate nearing its end but you’re starting your review now.

  
  

• You have good equity and credit, providing you access to a wide pool of new deals.

  
  

• You’re financially stable and ready to act.

  
  

• You understand your options and feel prepared.

Your Options Explained

When your fixed-rate term approaches its end, you essentially have three main paths:

1. Stay with your current lender and accept their new rate

Often your lender will offer a retention rate or a new product (sometimes called a “product transfer”). This can be the simplest route.

Pros: Less hassle, often quicker, no full application in some cases

Cons: The rate might not be the best available across the market

2. Remortgage to a new lender

You switch to a different lender and take out a brand-new mortgage deal.

Pros: Access to the whole market, potentially better rates, possibility to borrow more or change terms

Cons: More paperwork, valuation/legal costs, timing matters

3. Do nothing (roll onto SVR)

The fallback option is staying put and ending up on the lender’s SVR.

Pros: No upfront action needed

Cons: Often the most expensive in the long run, unpredictable payments

We always advise clients to review options 3-6 months before the fixed rate ends so you don’t get caught.

Step-by-Step: What to Do Now

Step 1: Check the details

• Look at your mortgage contract or lender portal and identify your fixed-rate end date.

• Check your outstanding balance, loan-to-value (LTV), and current interest rate.

• Find out whether there are any Early Repayment Charges (ERCs) or restrictions if you switch ahead.

Step 2: Review your financial position

• Has your income changed? Are you still meeting affordability tests?

• Has your property value changed (for better or worse)?

• Review your credit record, ensuring there are no surprises there.

Step 3: Compare the market

• Look at what your lender is offering for retention deals.

• Compare across new lenders, what fixed or tracker rates could you access?

• Use a specialist broker (like us) to get full market coverage.

  
  

Step 4: Timing matters

• Many lenders allow you to lock in a deal up to 6 months before your current fix ends.

• Avoid leaving it to the last minute, the market may change, and you may get pushed onto SVR temporarily.

Step 5: Apply & secure your next deal

• Depending on your chosen route (product transfer or remortgage) you’ll need to complete paperwork, valuation checks, legal work.

• Make sure the completion of your next deal aligns with the end of your current fix, gaps can be costly.

Step 6: Monitor continuously

Even once you’ve secured a new deal, stay aware of your options for the future: rates can fall, your property value can change. It’s wise to revisit each time a fix ends.

Common Mistakes to Avoid

• Waiting until the fixed rate has ended - you lose time, risk rolling onto SVR.

  
  

• Assuming loyalty equals best rate - your existing lender may not offer the best deal.

  
  

• Ignoring the extra costs of switching - product fees, valuation fees and legal costs can eat into savings.

  
  

• Underestimating future rate changes - if you switch to a short-term fix and rates rise you could end up worse off.

  
  

• Overlooking changes in your personal circumstances - bigger risk if your income/credit has changed.

Case-study

Sarah saved ~£150/month (after factoring costs )and secured a 5-year fix by being proactive

Final Thoughts

Yes, when your fixed rate is expiring soon, you should be alert and prepared. It doesn’t mean disaster, but the choices you make now matter. With the right action you can avoid higher repayments, lock in a strong deal, and protect your financial future.

At Manor Mortgages we’re ready to help you:

• Understand your exact position

• Compare product transfer vs remortgage

• Secure the right deal for you

Secure your next chapter with confidence, don’t let the end of your fixed rate catch you off guard.

Speak To Our Team

Frequently Asked Questions (FAQ)

Q: What happens if I do nothing and let my fixed rate end?

A: You’ll automatically move onto your lender’s SVR. This rate is typically higher, and your monthly repayments could increase significantly.

Q: Can I lock in a new deal before my fixed rate ends?

A: Yes, many lenders allow you to apply up to 3-6 months in advance. Acting early gives you more time and helps avoid temporary SVR rates.

Q: Do I always need to remortgage when my fixed rate ends?

A: Not always. Staying with your current lender (a product transfer) may be sufficient, but you should compare that against the full market to ensure it’s the best deal.

Q: Will my credit or income checks apply again?

A: If you remortgage or borrow more, full affordability and valuation checks apply. Even with product transfer, your lender may reassess your circumstances.

Q: What costs should I expect when I switch?

A: You may face valuation fees, arrangement fees, legal fees and sometimes an application fee. These need to be weighed against savings.