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What to do in the six months before your fixed rate ends

Most lenders let you apply for a new deal up to six months before your current one ends. This checklist works backwards from that date, month by month, so you know what to do and when. It's also worth checking your loan to value, the ratio between what you owe and what your home is worth, since many homeowners have moved into a better band without realising it. The LTV & Equity Position Calculator can show you where you stand now. Switching deals usually comes with arrangement and other fees, so it's worth weighing those against any saving before you commit; the fee analyser can help you see how the costs stack up. Once you have a sense of the new rate, it's worth checking what the monthly repayment means for your budget; the Affordability calculator can help you see how this applies to your situation.

Check what leaving your current deal early could cost with the Early Repayment Charge Estimator See what to do next, once you've worked through this list
How the six months break down

The sequence, step by step

This is the order most people follow once they know their fix has an end date. Each step assumes you're starting from around six months out, though there's nothing wrong with starting later if that's where you are.

  1. Get your number

    Use the calculator to see what your monthly repayment could look like once your fixed rate ends. It uses your outstanding balance, what you still owe, and your remaining term, how many years are left to run. You'll want this before any conversation with a lender or broker.

  2. Check your mortgage offer document for an early repayment charge

    An early repayment charge, ERC, is a fee some lenders apply if you leave your mortgage before the fixed term ends. It's set out in your original mortgage offer, and it's worth checking before you plan your next move, since it affects when switching actually makes sense.

    You can get a rough figure from the ERC estimator, though the number your lender actually charges is set out in your offer document.

    You're still inside the fixed term

    An ERC may apply if you remortgage before the fix ends. Weigh that cost against what you'd save on a new rate before deciding when to move.

    Your fix ends within six months

    Most lenders won't charge an ERC this close to the end date, but check the document.

  3. Decide between staying and moving

    A product transfer means staying with your current lender and moving onto one of their new rates, usually with less paperwork. A remortgage means replacing your existing mortgage with a new one, which can be with a different lender and usually involves a fuller application. Either route can come with arrangement fees or other charges attached to the new deal, so it's worth setting those against any saving on the rate before you choose. The fee analyser can help you see how the fees on a deal stack up against what you'd save.

    Which rates you're offered depends partly on your loan to value, LTV, the ratio between what you owe and what your home is worth. Try the LTV & equity position calculator to see which LTV band you fall into now, since many homeowners have moved into a better band since they last fixed without realising it.

    Product transfer

    Faster to arrange and often needs less proof of income, but you're only seeing your current lender's rates.

    Remortgage

    Opens up other lenders' rates, which can be worth more than the extra paperwork, but takes longer and usually needs a fresh valuation.

  4. Get an Agreement in Principle

    An Agreement in Principle, AIP, is a lender's initial indication of how much they might lend you, based on a quick check of your circumstances. It isn't a guarantee, but it tells you early whether anything in your finances is likely to cause a problem later.

    Our affordability calculator can give you a sense of how your income and outgoings stack up before you apply, so an AIP is less likely to come back with a surprise.

    AIP comes back clear

    You can move ahead and submit a full application with reasonable confidence.

    AIP flags an issue

    Better to find out now than after you've committed to a rate. A broker can talk through what a lender is likely to want to see.

  5. Submit your application

    Applications take time to process, and delays on the lender's side are common, so submitting with a margin to spare gives you room if something takes longer than expected. Leaving it until the last few weeks removes that margin.

  6. Know what happens if the timing slips

    If your new deal isn't in place by the date your fix ends, your lender will usually move you onto their Standard Variable Rate, SVR, automatically. This is typically higher than a fixed rate and can change at any time, so it's worth knowing whether that's likely to happen to you.

    New deal is confirmed in time

    You move straight from the old rate to the new one, with no gap on SVR.

    New deal isn't ready yet

    You'll sit on SVR until it completes. Ask your lender or broker how long that's likely to run for in your case.

This sequence is a guide to the order things usually happen in. It isn't financial advice, and your own dates depend on your lender and your circumstances. A broker can confirm what's realistic for your situation.

Useful alongside this checklist

Tools for each stage of your six months

Several steps on this checklist are easier with a tool behind them. Use each one when you reach the point where it applies.

See your number first

Work out what your payment could look like once your fixed rate ends, using your own balance and term.

Use the calculator

Check your LTV band

See your loan to value (LTV) percentage and which band you're in. Many homeowners have moved into a better band since they last fixed.

Calculate your LTV

Check what fits your budget

See how a new monthly repayment sits alongside your income and existing outgoings, using our affordability calculator.

Use the affordability calculator

Check your early repayment charge

Find out roughly what leaving your fixed deal early could cost, before you decide whether to wait or switch now.

Estimate your charge

Weigh up deal fees

A lower rate with a higher arrangement fee isn't always the cheaper deal. Use the fee analyser to see how the two balance out.

Try the fee analyser

Test what a rate rise means

If you're considering a variable deal, see how your payment would move if rates went up.

Run the stress test

Find your lender's details

Look up contact information for UK mortgage lenders when you need to call about your current deal or a new one with them.

Browse lenders

Know what comes after this

Once you've worked through the checklist, see what applying for a new deal actually involves.

See next steps

Work out what leaving early might cost

If your fixed rate has not quite ended, moving now could mean an early repayment charge (ERC), a fee your lender charges for leaving a fixed deal before its term is up. The exact amount depends on your lender and how far you are through the fix, so check your mortgage offer document for the terms that apply to you. This estimator gives you a figure to work with before that conversation. While you're weighing it up, it's worth checking your loan to value (LTV), the proportion of your home's value you still owe as a mortgage, because the band you fall into affects the rates on offer. The LTV & Equity Position Calculator shows where you stand now, and many homeowners find they've moved into a better band since they last fixed. It's also worth looking at what a new deal would actually cost once arrangement fees and valuation fees are added in. Try the fee analyser to see how those costs stack up against your ERC before you decide whether to move now or wait. If you're also wondering what a new monthly repayment would mean for your budget, the affordability calculator can give you a sense of that alongside your income and other outgoings.

Estimate your early repayment charge See what to do next