What to Do When Your Fixed-Rate Mortgage Ends

Last updated: 22 October 2026

When your fixed-rate mortgage ends, you move onto your lender’s reversion rate, often its standard variable rate, which the FCA says is normally higher than your fixed rate. Start comparing deals a few months early: mortgage offers usually last 3 to 6 months, so you can secure a new rate before your fix runs out.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What happens when a fixed-rate mortgage ends?

The interest rate on a fixed mortgage does not change until the deal expires, after a set period such as two or five years. If you haven’t arranged a new deal by then, the FCA explains that you’ll automatically move onto your lender’s reversion rate. This is often a standard variable rate (SVR), but it can be another type of rate, and it will normally be higher than the rate you’ve been paying.

Your mortgage offer or annual statement will show when your fixed rate ends and whether any early repayment charges apply until then.

Why could my payments go up when my fix ends?

If you fixed your mortgage when rates were low, your new deal could cost more. Bank Rate was almost zero (0.1%) at the beginning of December 2021. As of 22 October 2026, Bank Rate is 3.75%, held on 17 September 2026, with the next decision due on 5 November 2026.

Mortgage rates have also risen recently. The Bank of England says mortgage rates for households are higher than before the conflict in the Middle East. Its figures show the average interest rate actually paid on newly drawn mortgages was 4.60% in August 2026, up from 4.45% in July, compared with 4.00% across all outstanding mortgages.

For more on how Bank Rate feeds through to mortgages and savings, read what a Bank of England base rate change means for you.

When should I start looking for a new mortgage deal?

Start a few months before your fixed rate ends. According to the FCA, a mortgage offer is generally valid for between 3 and 6 months after it’s issued, depending on the lender. That means you can apply for a new deal before your current one ends and arrange for it to start as soon as your fix finishes.

What are my options when my fixed rate ends?

1. Switch to a new deal with your current lender. This is often called a product transfer. If you’re up to date with your payments, the FCA says you should usually be able to switch without a new affordability check, unless you want to borrow more.
2. Remortgage with a different lender. Most lenders will want you to pass an affordability check, which looks at whether you could afford the payments now and if interest rates rise.
3. Do nothing and move onto the reversion rate. Your payments will usually go up, because the reversion rate is normally higher than your fixed rate.

Your home may be repossessed if you do not keep up repayments on your mortgage.

How do I choose the right new deal?

1. Find your end date. Check your mortgage offer or statement for the date your fixed rate ends.
2. Check for early repayment charges. If you leave your deal early, your lender is likely to charge you an early repayment charge, usually a percentage of your remaining balance.
3. Review your budget. Work out what monthly payment you can comfortably afford before you look at rates.
4. Decide between fixed and tracker. A fixed rate keeps your payments the same for the deal period. A tracker is linked to an external rate such as Bank Rate, so payments can go up or down.
5. Compare the whole cost, not just the rate. Product fees and other costs can make a lower rate more expensive overall.
6. Get advice early. Our mortgage advisers search over 90 lenders and can compare a switch with your current lender against the wider market.

What if I can’t afford my new mortgage payments?

If you’re worried about paying your mortgage, contact your lender as soon as possible. The FCA says lenders should treat you fairly and give you support tailored to your circumstances. Depending on your situation, that might include:

• extending your mortgage term, which lowers monthly payments but increases the total you pay back;
• switching to interest-only for a short time, after which your monthly payments will be higher than before;
• temporarily reducing your rate or giving you longer to pay.

Simply talking to your lender won’t affect your credit file. Your lender shouldn’t start repossession action unless all reasonable attempts to resolve things have failed.

Be wary of anyone offering a quick fix. The FCA warns that people struggling with their mortgage are more at risk of being targeted by risky offers, such as quick sale deals well below market value.

Free, confidential debt help is available from StepChange (0800 138 1111, freephone), Citizens Advice and MoneyHelper. If you’d like help getting your wider budget in order, you can also book a chat with one of our coaches.

Frequently asked questions

What happens if I do nothing when my fixed-rate mortgage ends?

You’ll move onto your lender’s reversion rate, often its standard variable rate. This is normally higher than your fixed rate, so your payments are likely to rise.

How early can I arrange a new mortgage deal?

Mortgage offers are generally valid for 3 to 6 months, depending on the lender, so you can usually arrange a new deal a few months before your fix ends.

Will I need an affordability check to switch deals?

If you stay with your current lender, are up to date with payments and don’t borrow more, usually not. If you move to a new lender, most will ask you to pass one.

Will talking to my lender affect my credit score?

No. Simply talking to your lender won’t affect your credit file. Some support options, such as paying less than the agreed amount, may be reported, and your lender should tell you if they will be.

What is the Bank of England base rate now?

3.75%, as of 22 October 2026. The Bank of England publishes the current rate and the next decision date on its Bank Rate page.

Speak to our team

If you have any concerns about your mortgage deal or requirements, why not book a free consultation with one of Lifetime’s mortgage advisers? Whether you’re switching deals, remortgaging or moving home, we’ll help you understand your options.

Your home may be repossessed if you do not keep up repayments on your mortgage.

This article is general information, not personal financial advice. Lifetime is authorised and regulated by the Financial Conduct Authority (FRN 225795).