What happens when my fixed rate ends
When your fixed-rate mortgage ends, you automatically move onto your lender's standard variable rate (SVR) unless you arrange a new deal. The SVR is set by the lender, usually well above fixed deal rates, and can change at any time, so doing nothing is normally the most expensive option. Arrange a new rate three to six months ahead so it starts the day your fix finishes and you skip the SVR.
The SVR trap
Lenders rely on inertia. When your fix ends, you slide onto the standard variable rate without lifting a finger, and the SVR is typically much higher than any deal you would actively choose. Because around 1.8 million fixed-rate mortgage deals are scheduled to end in 2026[UK Finance], a lot of people are about to meet this for the first time. The fix is not a problem; sleepwalking onto the SVR afterwards is.
Your options at the end of a fix
- Product transfer: take a new rate from your current lender, quick and usually no full re-check.
- Remortgage: move to a new lender for a better rate or to release equity.
- Tracker or another fix: choose the product type that suits your plans.
- Do nothing: roll onto the SVR. Possible short-term, rarely the cheapest.
When to act
Start three to six months out. New deals can usually be reserved early and timed to begin exactly when your fix ends, and if rates drop before completion you can often move to the cheaper one. If your payment is set to jump, the payment-shock calculator shows the size of the change.
Common questions
What happens automatically when my fix ends?
Unless you arrange a new deal, you roll onto your lender's standard variable rate (SVR). The SVR is set by the lender, is usually well above fixed deal rates, and can change at any time. Doing nothing is almost always the most expensive outcome.
What is the standard variable rate?
The SVR is the default rate a lender reverts you to after a deal ends. It is not linked directly to the Bank of England base rate in the way a tracker is, so the lender can move it largely at its own discretion. It exists as a fallback, not as a competitive product.
How early can I sort out a new deal?
Usually three to six months before your fix ends. A new rate can often be reserved in advance and start the moment your old one finishes, so you skip the SVR entirely. If rates fall before completion, you can often switch to the lower deal.
What if I do nothing for a few months?
You pay the SVR for those months, which can be a noticeable jump in your monthly payment. There is no penalty for being on the SVR and you can leave it at any time without an early repayment charge, but every month on it usually costs more than a deal would.
Then decide how to act with should you switch or stay.
Founder, MortgageExplained
Adam spent over eight years as a mortgage adviser at Just Mortgages, with further experience in commercial finance. He is CeMAP and CF qualified. He built MortgageExplained to do one thing well: explain mortgages in plain English, so you know where you stand before you speak to a regulated broker. Every page on the site is written by Adam.
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