If you do nothing, your lender will usually move your mortgage onto their standard variable rate (SVR).
SVR is variable and set by the lender. This differs from lender to lender. This means your payments can change, and very often increase.
If you move to SVR you are no longer tied in to the mortgage and you can still switch products or move to another lender.
This does not usually affect your credit file provided payments are maintained.
Understanding your fixed rate end date early helps reduce last-minute pressure.
Check Your Fixed Rate End Date
Use our free, non-advised tool to understand where you are in the mortgage renewal timeline.
Check Your Timeline