If you’re wondering ‘What happens when my fixed-rate mortgage ends?’, then you can rest assured you’re not alone.
With countless five-year fixed-rate deals arranged in 2020 set to end in 2026, many borrowers – and especially first-time buyers – are unsure what their next steps should be.
While there’s no one-size-fits-all solution, there are three distinct options to explore. And knowing exactly what happens when fixed-rate mortgage ends can help you to make a more informed decision.
What happens when your fixed-rate mortgage ends?
When your fixed-rate mortgage ends, you have three options – each with their own advantages and potential implications:
Do nothing
By doing nothing when your mortgage term ends, you will automatically move onto your existing lender’s Standard Variable Rate (SVR).
Arrange a product transfer
Instead of switching to a completely different provider and deal when your existing rate ends, a product transfer allows you to move to a new mortgage deal with your current lender.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Remortgage with a new lender
Your final option is to switch both mortgage lenders and deals when your fixed-rate arrangement comes to an end.
Ready to remortgage? Check your affordability today!
Now you know what happens when your mortgage term ends, it’s time to make sure you’re fully prepared for the end of your fixed-rate deal with a helping hand from the team of remortgaging experts at UKMC.
We’ll assess your affordability and requirements, then leverage all our deep industry know-how and experience to help you understand the different types of mortgages available and get you the best mortgage rate.
To book your appointment with one of our friendly mortgage advisors today, simply giving us a call on 01925 573328.
Or, if now isn’t a good time, you can always request a call back at a more convenient one!
And for those who prefer to have a face-to-face conversation and live in the Cheshire area, we welcome visits to our Warrington office, too!
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
Registered company number: 15825320
