Switch before your mortgage deal ends

When your current mortgage deal finishes, you will usually move onto your lender’s standard variable rate, also known as the SVR, unless you arrange a new rate.

That could increase your monthly repayments. Reviewing your options early gives you time to compare a remortgage, a product transfer with your current lender, or waiting until the timing is right.

When should you start reviewing your mortgage?

A good time to start is around 3 to 6 months before your current deal ends. That gives you breathing space to compare options, gather documents and avoid making a rushed decision.

What to check before your deal ends

Starting early does not always mean switching straight away. In some cases, it simply means checking what is available, reviewing any early repayment charge and deciding the right time to act.

What happens if you do nothing?

If you do not arrange a new deal, your mortgage will usually move onto your lender’s standard variable rate.

An SVR can move up or down and may be higher than the rate you were paying before. If your repayment increases, your mortgage could become harder to budget for.

Doing nothing may still make sense in some situations. For example, you may be planning to move home, repay the mortgage soon or keep short-term flexibility.

However, if you want to avoid paying more than you need to, it is worth checking your options before your current rate changes.

Should you remortgage or stay with your current lender?

When your deal is ending, you may have more than one route. You could remortgage to a new lender, switch to a new product with your current lender, or compare both before deciding.

A product transfer may be simpler, but a remortgage could give you access to a wider range of rates, terms and borrowing options. The right route depends on your current deal, costs, affordability and what you want to do next.

Compare both routes

The right route depends on your mortgage balance, property value, affordability, fees, early repayment charges and whether you want to borrow more or change your term.

What if you want to borrow more when your deal ends?

If your mortgage deal is ending, you may also want to borrow more at the same time. This could be for home improvements, family support, debt consolidation or another major cost.

Extra borrowing can change the route that works best. A straightforward product transfer may be simpler if you only want a new rate, but borrowing more usually means the lender will check affordability, loan-to-value, credit history and the reason for the funds.

Your equity can help, but it does not automatically mean you can borrow the full amount. Lenders still decide what they are comfortable offering based on your wider circumstances.

If you’re thinking about borrowing more, it may help to check how lenders assess extra borrowing when remortgaging.

Related read: How much can I borrow when remortgaging?

Watch out for early repayment charges

Some mortgage deals include an early repayment charge if you leave before the deal ends.

This can make moving too soon more expensive, even if a new rate looks attractive. Before deciding, compare the charge for leaving against the potential savings from switching.

In some cases, it may be better to secure a new deal early but delay the change until your current rate finishes. In others, moving sooner may still be worth considering if the numbers work.

The decision should be based on the full cost, not just the headline rate.

Can you secure a new deal before your current rate ends?

You may be able to arrange your next mortgage deal before your current one finishes. This can give you more time to compare options and reduce the risk of moving onto your lender’s SVR by default.

However, timing matters. You need to check when your current rate ends, whether an early repayment charge applies, how long a new mortgage offer may remain valid and whether rates could change before completion.

If rates rise after you secure a deal, having an option in place may give you more certainty. If rates fall, you may want to review whether a better product is available before the switch completes.

This is where ongoing advice can help. Your first option does not always need to be your final option if the market changes before your current deal ends.

How to decide whether to switch early or wait

The right answer depends on your current deal, any early repayment charge, the rate available now and what you plan to do next.

Even if waiting turns out to be the better choice, checking early can help you avoid a rushed decision later.

How Muttuo Mortgages can help

Muttuo Mortgages can help you review your options before your current mortgage deal ends.

We can compare your current lender’s product transfer options with remortgage deals from over 100 lenders. We can also help you check repayments, fees, early repayment charges and whether switching now or waiting may make more sense.

That way, you can make a clearer decision before your current rate changes.

Frequently asked questions about switching your mortgage

When should I start looking for a remortgage?

Starting early gives you more time to compare your options before your current rate changes.

You may want to start reviewing your options several months before your current mortgage deal ends.

This gives you time to compare rates, check costs and avoid moving onto your lender’s standard variable rate by default. The right timing will depend on your current deal, early repayment charge and whether you want to switch lender or stay with your existing lender.

What happens when my mortgage deal ends?

You usually move onto your lender’s SVR unless you arrange a new rate.

When your mortgage deal ends, you will usually move onto your lender’s standard variable rate unless you arrange a new deal.

This rate may be higher than your current rate, which could increase your monthly repayments. Before your deal ends, it is worth checking whether a remortgage or product transfer could be more suitable.

Can I remortgage before my fixed rate ends?

Switching early can work, but only if the benefit outweighs any charge for leaving your current deal.

You may be able to remortgage before your fixed rate ends, but you need to check whether an early repayment charge applies.

If the charge is high, switching too early may not be worthwhile. However, you may still be able to secure a new deal in advance and arrange for it to start when your current deal ends.

Is it better to remortgage or do a product transfer?

It depends on whether you need simplicity, wider lender choice or changes to your borrowing.

It depends on your circumstances.

A product transfer with your current lender may be simpler, but a remortgage to a new lender may give you access to a wider range of options. It is worth comparing both before deciding.

Can I borrow more when my mortgage deal ends?

Extra borrowing may be possible, but equity alone does not guarantee approval.

You may be able to borrow more when your deal ends, but the lender will need to check affordability, loan-to-value, credit history and the reason for the extra borrowing.

Your equity can help, but it does not guarantee that a lender will approve extra borrowing.

Will I need a new affordability check?

A full remortgage or extra borrowing usually involves more checks than a simple product transfer.

If you remortgage to a new lender or ask to borrow more, affordability checks are likely to apply.

If you stay with your current lender and complete a straightforward product transfer, the process may be simpler. However, this depends on the lender and whether you are changing anything else about the mortgage.