Your Mortgage Deal
Is Ending.
Now What?
If you've never been through this before, it can feel a bit daunting. This guide explains everything in plain English — what's happening, what your options are, and what you actually need to do. No jargon, no pressure.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Hi, I'm Rob. I'm a mortgage broker in Alsager, and a big part of what I do is helping people who are going through this for the first time.
When you bought your home, you probably had a fixed-rate mortgage — maybe a 2-year or 5-year deal. That deal has an end date. When it arrives, your lender will usually write to you with a new rate. And that's when most people think: "What am I supposed to do now?"
If that's you, this guide is for you. I've written it to walk you through the whole thing — what's happening, what your options are, and what the process actually looks like. No jargon, no sales pitch. Just clear, honest answers.
"I've got a letter from my lender..."
Most people first realise their deal is ending when a letter or email arrives from their lender. It usually says something like: "Your current rate is coming to an end. Here's what we can offer you."
It might include a list of new rates you can switch to. This is called a product transfer — basically, your lender offering you a new deal to stay with them.
Here's the thing: you don't have to accept it. It's one option, but it's not necessarily the best one. Your lender isn't comparing their rates against anyone else's — they're just showing you what they've got.
Don't panic — and don't rush
Getting this letter doesn't mean you need to do anything immediately. You've usually got a few months. The worst thing you can do is panic-accept the first thing your lender offers without checking what else is available.
Think of it like car insurance. When your renewal comes through, you wouldn't just accept it without checking if there's a better deal elsewhere, would you? Same principle here — except the savings can be much bigger.
What does "remortgaging" actually mean?
Let's clear this up, because the word itself can be confusing.
Remortgaging simply means replacing your current mortgage deal with a new one. That's it. You're not buying a new house. You're not starting from scratch. You're just switching to a different rate — either with the same lender or a different one.
Two ways to do it:
Product Transfer
Stay with your current lender, just switch to a new rate. Quick, easy, usually no paperwork. But you're limited to what one lender offers.
Full Remortgage
Switch to a completely different lender. More options, potentially better rates, and you can change things like your mortgage term or borrow a bit more. Takes a few weeks and involves a solicitor, but many deals include free legal work.
Neither option is automatically "better" — it depends on your situation. That's where having someone compare both for you is genuinely useful. I do this for clients every week.
When should I start looking?
Around 6 months before your deal ends. That's the sweet spot.
Why? Because most mortgage offers are valid for 6 months. So if you apply now and secure a rate, it'll be waiting for you when your current deal ends. No gap, no SVR (I'll explain that in a moment).
And here's the bit that surprises most people: if rates drop between now and your deal ending, you can usually switch to a better deal instead. You're not locked in. You're just making sure you've got something in place.
Your Remortgage Timeline
6 Months Before
Start exploring your options. This is when I'd suggest having a chat — no commitment, just a look at what's available.
4 Months Before
If you're going for a full remortgage, this is a good time to submit the application. Gives plenty of time for the legal work.
1 Month Before
Everything should be in place. Your new deal is ready to start the day your old one ends.
Deal End Date
Your new deal starts seamlessly. No gap, no SVR, no stress.
What happens if I do nothing?
If your deal ends and you haven't arranged a new one, you'll automatically move onto your lender's Standard Variable Rate (SVR). This is their default rate — and it's almost always higher than a fixed rate.
Example: If your fixed rate was 4.5% and the SVR is 7.5%, on a £200,000 mortgage over 25 years, that's roughly £350 more per month. That's over £4,000 a year you don't need to be paying.
You won't lose your home — the SVR isn't a penalty. But you will be paying more than you need to. And the longer you stay on it, the more it adds up.
Your options — explained simply
When your deal ends, you've basically got three choices. Let me walk you through each one.
Accept your lender's product transfer
This is the easiest option. Your lender offers you a new rate, you accept it, and you carry on. No solicitor, no valuation, usually done in a few days.
Good if: You're happy with your lender and just want it sorted quickly.
Watch out: You're only seeing one lender's rates. There might be better deals elsewhere that you'd never know about.
Remortgage to a different lender
Switch to a completely different lender. This gives you access to a much wider range of deals. You can also change things — like extending your mortgage term to reduce monthly payments, or releasing some equity for home improvements.
Good if: You want to compare the full market, your circumstances have changed, or you want to borrow more.
Watch out: Takes longer (typically 4-8 weeks) and involves a solicitor — though many deals include free legal work.
Do nothing (fall onto the SVR)
If you don't arrange a new deal, you'll move onto the SVR. This is almost never the best option — but it's not the end of the world. You can still remortgage at any time from the SVR.
Worth knowing: Some people end up on the SVR because they simply forgot. That's exactly why I built the Fixed Rate Check tool — so you get a reminder before it's too late.
My honest advice? Even if you end up staying with your current lender, it's worth checking what else is available. You wouldn't know if their offer is competitive without comparing it. That's what I do — I look at both options and tell you which one makes more sense for your situation.
What actually happens — step by step
This is the bit that worries most people. "What do I actually have to do?" The answer is: less than you think. Especially if you've got someone helping you.
We have a chat
You tell me about your current mortgage, when it ends, and what matters to you. This takes about 20-30 minutes. We can do it by phone, video call, or face to face if you're local.
I compare your options
I look at your current lender's product transfer offer alongside deals from other lenders. I'll show you the numbers side by side so you can see the difference clearly.
You decide
I'll explain the pros and cons of each option in plain English. No pressure. You pick the one that feels right for your situation.
I handle the paperwork
If it's a product transfer, I can often sort it in a day or two. If it's a full remortgage, I submit the application, liaise with the solicitor, and keep you updated throughout. You don't need to chase anyone.
Your new deal starts
On the day your old deal ends, your new one kicks in. No gap, no SVR. You probably won't even notice the switch — your direct debit just changes to the new amount.
The honest truth: For most people, remortgaging is far less hassle than they expect. The bit that takes the longest is the legal work on a full remortgage — and even that's mostly happening in the background while you get on with your life.
What does it cost?
This is one of the first things people ask, so let me be upfront about it.
| Cost | Product Transfer | Full Remortgage |
|---|---|---|
| My broker fee | £0* | £0* |
| Lender arrangement fee | £0 - £999 | £0 - £999 |
| Valuation | Not needed | Usually free |
| Solicitor fees | Not needed | Often free with deal |
| Time to complete | A few days | 4-8 weeks |
*No broker fee for standard remortgage cases. I'm paid by the lender. Complex cases may incur a fee, which I'd always discuss with you upfront before we proceed.
The lender arrangement fee is the main variable. Some deals have no fee at all. Others charge up to £999 — but you can usually add this to the loan rather than paying it upfront. I always factor the total cost into my comparison so you can see the real picture.
Worth knowing: A deal with a fee can sometimes work out cheaper overall than a fee-free deal with a slightly higher rate. I'll always show you the maths so you can see for yourself.
Common worries — answered honestly
You might also find these useful
Remortgage Advice
My main remortgage page with calculators and detailed comparisons.
When Should I Remortgage?
A focused guide on timing your remortgage for the best outcome.
Broker vs Bank
Why using a broker for your remortgage can save you time and money.
Fee-Free Advice
How fee-free mortgage advice works and what it means for you.
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