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If your fixed rate is ending in 2026 you’re not the only one. An estimated 1.8 million fixed-rate mortgage deals are set to expire this year, and what you do in the months before that happens could save you thousands of pounds. Here’s how to make sure you don’t roll straight onto your lender’s standard variable rate (SVR) and end up overpaying.

Why Your Fixed-Rate Deal Ending Matters

When your fixed-rate mortgage comes to an end, your lender doesn’t leave you without a rate; they simply move you onto their standard variable rate, often automatically and without much warning. The problem is that SVRs are usually significantly higher than the fixed and tracker deals available on the open market, which means your monthly payments can jump considerably if you don’t act first.

With 1.8 million fixed-rate deals expiring in 2026, a huge number of homeowners are facing this exact decision. The good news is that with a bit of planning, it’s entirely avoidable.

Exactly What to Do Before Your Fixed Rate Ends

1. Find your exact end date. Check your mortgage offer or annual statement for the precise date your current deal expires. This is your countdown everything below should happen before it, not after.

2. Start looking 3–6 months in advance. Most remortgage and product transfer options can be secured up to six months before your current deal ends, and many can be locked in even if rates change in the meantime. Starting early gives you the most choice and the most time to compare properly.

3. Compare the whole market, not just your current lender. Your existing lender will usually offer you a product transfer onto a new deal, but that’s only one option among hundreds. A whole-of-market comparison looking at every lender, not just one, is the only way to know whether your lender’s offer is actually competitive or whether a remortgage to a new lender would leave you better off.

4. Weigh up product transfer vs. remortgaging
A product transfer (staying with your current lender) is often quicker and involves less paperwork, since there’s no new affordability check or property valuation.

A remortgage (switching lender) can unlock better rates but usually takes longer and involves a fresh application.

Which is right for you depends on your circumstances, your income, your property’s value, and how your finances may have changed since you last took out a mortgage.

5. Check for early repayment charges and when they stop applying. Some fixed deals allow you to lock in a new rate before the old one ends without penalty, as long as the new deal doesn’t start until your current one finishes. Understanding this timing is key to avoiding paying twice.

6. Speak to a mortgage broker before you decide on anything. A broker can search every lender in the market on your behalf, explain your options in plain English, and make sure you’re not simply defaulting onto whatever your current lender puts in front of you.

Don’t Wait for the Letter From Your Lender

Lenders are required to notify you before your fixed rate ends, but by the time that letter arrives, you may already be closer to your renewal date than you’d like. Being proactive rather than waiting to be told is what puts you in control of the decision instead of drifting onto an SVR by default.

Frequently Asked Questions

What happens if I do nothing when my fixed rate ends? You’ll typically be moved onto your lender’s standard variable rate automatically, which is usually higher than fixed or tracker deals available elsewhere.

How early can I lock in a new mortgage rate before my current deal ends? Many lenders allow you to secure a new deal 3–6 months in advance, so you can lock in a rate without any gap or overlap in costs.

Is a product transfer or a full remortgage better? It depends on your situation. Product transfers are usually simpler and faster; remortgaging opens up the whole market but takes more time and paperwork. Comparing both is the only way to know which saves you more.

Will my monthly payments definitely go up? Not necessarily but if you roll onto your lender’s SVR without comparing your options first, there’s a strong chance you’ll end up paying more than you need to.