Fixed-rate mortgage ending? The checklist and your new payment

Last updated: 29 October 2026

When a fixed rate ends, your mortgage doesn’t stop. It quietly moves onto your lender’s standard variable rate (SVR), and the following month’s direct debit goes up. For many people this is the biggest single change to their household budget all year. The good news is that you can see it coming and lock in a new deal well before the date, so long as you start early enough. This guide gives you the timeline, the choices you’ll face and a calculator for your own new payment.

Information, not advice. We don’t recommend products or providers. Check the official source linked below before you act.

How many people’s mortgages are going up?

A lot. According to reporting of the Bank of England’s Financial Stability Report of 7 July 2026, the Bank estimated that a little over five million households will see their mortgage payments rise by the end of 2028. Its December 2025 estimate had been 3.9 million. For a typical owner-occupier coming off a fix in the next two years, the Bank put the rise at about £45 a month. For the roughly 750,000 households coming off fixes taken out before 2022 at under 3%, it was more like £170 a month during 2026.

Those are averages. Your own number depends on your balance, how long is left on your term and the gap between your old rate and your new one. That’s what the calculator below works out. The Bank’s next report is due on 26 November 2026.

When should I start? Six months out

Most lenders let you secure a new deal around six months before your current one ends. MoneyHelper says you can usually apply up to six months ahead, and the FCA says mortgage offers are usually valid for three to six months. Treat that as general practice and check your own lender’s timings.

Starting early costs you nothing. Once you have an offer, you can usually still look for something better before it starts. Lenders that signed the Mortgage Charter agreed to let you ask for a better like-for-like deal right up until the new one begins, if one is available.

Your countdown:

• 6 months out. Find your fix end date, your balance, your SVR and the date any early repayment charge stops. Run the calculator.
• 4–6 months out. Ask your current lender for its switch offers. If you want to compare the whole market, speak to a mortgage adviser or broker as well.
• About 3 months out. Have an offer secured. If you’re moving lender, the legal and valuation work is under way.
• Final weeks. Check the new deal starts the day after the old one ends, and check your new direct debit amount.

What will my new payment be?

Enter your figures from your mortgage statement. The calculator doesn’t fill in any rates for you. Use the rate on your switch offer or a quote, and the SVR from your end-of-deal letter or your lender’s website.

Worked example 1. Priya owes £180,000 with 22 years left on a repayment mortgage. Her fix at 2% ends in six months and she pays £843 a month. By the time it ends she’ll owe £176,726. For illustration only, say she’s offered 4.5% and her lender’s SVR is 7%:

• At 4.5% her payment becomes £1,070, up £227 a month (£2,722 a year).
• On the SVR it would be £1,327. Doing nothing would cost her £257 a month, £3,079 a year, more than taking the offer.
• To keep paying £843 she’d have to extend her term by 12 years 10 months, which adds about £71,000 in interest.
• To keep both today’s payment and her end date, she’d need a lump sum of about £37,500 when the fix ends.

Worked example 2. Tom owes £120,000 with 12 years left at 1.8%, paying £927 a month, and his fix ends in three months. For illustration, he’s offered 4.2% and his SVR is 6.9%. His new payment would be £1,060 (up £132). Doing nothing would cost him £162 a month. Extending his term by 2 years 4 months would keep his payment at £927 and add about £6,600 in interest. With less time left on the mortgage, stretching the term costs much less.

The number that matters most is the “cost of doing nothing”. For Priya it is £257 a month for every month she sits on the SVR. Getting an offer in place six months early is the simplest way to make sure she never pays it.

Product transfer or remortgage?

You have two routes.

A product transfer is a new deal with your current lender. According to the FCA, you should normally be able to switch without passing an affordability check, unless you’re borrowing more. Mortgage Charter lenders made the same commitment for customers who are up to date with payments. There’s usually no valuation or legal work, so it can be quick. The catch is that you only see one lender’s deals.

A remortgage means moving to a different lender. That gives you the whole market to choose from, but the FCA says most lenders will want you to pass an affordability check. Since 22 July 2025, FCA rules let a new lender use a lighter “modified” check if you’re not borrowing more and the new deal is cheaper than staying put. Lenders can choose whether to offer this. There may be legal and valuation costs, and it takes longer, which is another reason to start early.

A mortgage adviser or broker can compare both routes for you. Some charge a fee and some are paid by the lender, so ask how they’re paid before you start. MoneyHelper explains how to choose one.

Fees and early repayment charges

The rate is only part of the cost. Before you choose:

• Early repayment charges (ERCs). If you leave your current deal before it ends, you may pay an ERC. Line up the new deal to start the day after the old one finishes. Your offer document shows when the ERC stops.
• Arrangement or product fees. A low rate with a large fee can cost more than a higher rate with none. Add the fee to the monthly payments over the length of the deal and compare that total. If you add the fee to your loan, you pay interest on it for years.
• Legal, valuation and admin costs. These usually apply if you move lender. Some deals include them, so check what’s covered.

Will I pass the affordability checks?

If you’re moving lender or borrowing more, the lender will look at your income, your outgoings and your other debts. It will also test whether you could still pay if rates rose. If your income has dropped or your debts have grown since your last mortgage, a product transfer may be the easier route.

Either way, check your credit file a couple of months beforehand and correct any mistakes. Avoid taking on new credit just before you apply. Our credit scores guide shows you how.

Can’t afford the new payment? Help is there

Talk to your lender before you miss a payment. The FCA says lenders can offer options including a longer term, a temporary switch to interest-only, or a temporary rate reduction or more time to pay, depending on your situation. MoneyHelper notes that simply talking to your lender doesn’t go on your credit file, although some of the solutions do.

The Mortgage Charter is a voluntary agreement that HM Treasury launched in June 2023. The lenders’ list was last updated on 19 December 2025, so check that yours has signed. If you’re up to date with payments, signatory lenders agreed that you can:

• switch to interest-only for six months, or
• extend your term to lower your payments, with the option to go back to your original term within six months,

without a new affordability check and without affecting your credit score. Interest-only means your balance doesn’t fall during those months, so your payments rise when you switch back. Signatories also agreed you won’t be forced out of your home in less than a year from your first missed payment without your consent, except in exceptional circumstances. The Charter doesn’t cover buy-to-let.

Support for Mortgage Interest (SMI) is a government loan that helps with mortgage interest if you get a qualifying benefit. You repay it, with interest, when you sell or transfer your home.

Free debt advice. MoneyHelper says that if you’ve missed two or more payments, now is the time to get debt advice. Its debt advice locator, StepChange, National Debtline and Citizens Advice are all free and confidential. See our guide to free debt help. Be wary of anyone offering to buy your home and rent it back to you. The FCA warns about these risky offers.

Before you sign: three questions

1. What’s the total cost over the deal? That means the fees plus the monthly payments, not just the rate.
2. Does the new deal start the day the old one ends, with no ERC to pay and no SVR month in between?
3. Can you overpay? If your payment goes up anyway, check the overpayment allowance. Our overpaying your mortgage guide and overpayment calculator show what that’s worth.

New to the jargon? Mortgages, plainly explained covers SVRs, LTV and terms. Our mortgage calculator shows the full cost over the term. Every free calculator we have is on our tools page.

Questions people ask

How early can I remortgage before my fixed rate ends?

Usually up to six months before. MoneyHelper says that’s typical, the FCA says offers are usually valid for three to six months, and Mortgage Charter lenders agreed to the six-month lock-in. Check your own lender’s timings.

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

You move onto your lender’s reversion rate, which is usually its SVR and normally higher than its deals. Your payment changes from the following month, and the lender can raise or lower the SVR.

Do I need an affordability check to switch with my current lender?

Usually not, if you’re up to date and not borrowing more. Moving lender normally means a check, though since July 2025 lenders may use a lighter one if the new deal is cheaper and you’re not borrowing more.

Can I extend my term to keep my payments the same?

Often, yes, but you’ll pay more interest overall. The calculator shows how much. Charter lenders let up-to-date customers extend without a new affordability check and switch back within six months. Going past your retirement age may trigger a check.

Is the Mortgage Charter still running?

It’s a voluntary agreement from June 2023. The government’s list of lenders that have signed was last updated on 19 December 2025. Check the list on GOV.UK and ask your lender.

Just so you know: this guide is information and journalism, not financial advice, and we don't recommend specific financial products. Your circumstances are your own — if you need personal advice, speak to a suitably qualified adviser. Information was correct at the "last updated" date above but things change; always check the linked primary sources.

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