When you reach the end of your fixed term, your mortgage will usually be transferred onto a variable rate such as a tracker, or your lender’s standard variable rate (SVR). Moving to an SVR doesn’t offer the same security as the fixed rate, as any fluctuations in interest rates will impact your monthly repayments.
If you do not want your mortgage to be transferred to your lender’s SVR, it can be a good idea to look around for the best mortgage deals a few months before your fixed rate term comes to an end.
When looking around for mortgage deals, you may want to seek advice from a mortgage adviser, who will be able to help advise you on suitable products that different lenders are offering.
Find a mortgage adviser in your local area.