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Fixed rate mortgage ending: What to do

Our mortgage debt advice team may be able to help you

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Millions of people are coming to the end of their fixed-term mortgages. If this is happening to you, you need to act now. Find out what you need to do next.

It is important to act as early as possible, before your fixed rate ends.

Equity release and mortgage advice is provided by StepChange Financial Solutions, a subsidiary of StepChange Debt Charity. It is not a lender but works on behalf of our clients to search the market for a range of mortgage and equity release products that will best suit their needs.

What can I do now?

Here are five things to think about today.

Don't leave it too late to look into deals. Your lender will talk to you about a new deal about 3 to 6 months before the end of the one you have now.

But if you switch to a new lender, that could take up to three months as well. Plus, finding a new deal can be harder If you recently had money problems, so don't wait.

You need to know what you can really afford. Look at what you have coming in. What you need to spend to live. And what you owe.

And don't forget to think about big life changes that could affect your finances, like losing a job, getting an inheritance, or having a baby.

Read our guides to:

It's quicker and easier to talk to the lender you have now because they already know you.

Even if you're falling behind with payments, they will try to help you.

And sometimes they have deals that are only for existing customers.

Ask an independent advisor or check a comparison website. Some only offer certain deals, so do check their fees and make sure they search the whole market.

And remember, new lenders will want proof of income and to know about any debts as well – your budget will help you out here.

Our expert mortgage debt advice team can help you

We will find out if our mortgage and equity release specialists would be able to help you get a new mortgage deal. And if there are no suitable solutions, we can look at your budget with you and see what your options are.

Find out more about our homeowner service.

Make sure you can afford it before you agree to anything. Have you been realistic? Can you still cover your priority bills and mortgage payments?

Do you have wiggle room for savings and emergencies? Ask for help if you have any doubts.

We can unlock your options as a homeowner

Call us now for FREE 0808 1686 719, Monday to Friday 9am to 5pm

What happens if I do nothing?

You will usually be moved to a ‘standard variable rate’ (SVR) mortgage.

As the name suggests, this means your mortgage payments can go up or down. The interest rates are often higher for SVRs than they are for other types of mortgages.

How do SVR mortgages work?

Lenders set their own rates, so they are not all the same.

The rates do not have to follow changes in the base rate set by the Bank of England, but they are often influenced by it. This means, if the Bank of England announce an interest rate rise, the SVR rate is likely to rise too.

But the lenders look at other factors too. Such as how much it is costing them to borrow.

Get free debt help online

When we help you, we will make your budget with you. You can do this through our online debt tool at any time that suits you.

Get debt help online now
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Emma on Feefo says:

"I've had a fantastic experience with StepChange."

"I thought all hope had gone for me finding a replacement mortgage, I thought I was going to lose my home.

"You have found me a perfect mortgage with all my requirements. I cannot thank you enough."

Get help like Emma

What if I am worried about money and my mortgage?

Pay your most important bills first

Avoid problems down the line by keeping up with your ‘priority payments’. These are the bills or debts that could lead to serious consequences if you do not pay.

Find out which bills to pay first

Worried about mortgage arrears?

It can be scary, but speak to your lender. When you get in touch with your lender:

  • Share your budget
  • Explain why you are unable to pay
  • Show how much you can afford
  • Ask them to agree that you will repay what you owe at a rate you can afford
  • Carry on making these payments as agreed

Some lenders will offer payment holidays to give you some time to get back on track.

Read our guide to dealing with mortgage arrears

We are here for you if you have mortgage arrears, or are falling behind with other payments. Our debt advice is free and available day and night online. Get debt help now

I have a bad credit score. Can I get a new mortgage?

Lenders will see you as more of a risk to lend to if your credit file includes:

This doesn’t mean that you cannot get a mortgage. But you may have to pay more in interest and fees.

Find out more about how credit scores are worked out.

I’m on a debt solution. Can I change my mortgage?

This depends on the debt solution.

If you are bankrupt: Lenders are very unlikely to lend to you, during your bankruptcy and while it is on your credit file.

If you are on a repayment solution, such as a debt management plan (DMP): Lenders will see you are making reduced payments through your DMP which can mean it will be harder to take out credit. But, as this shows you dealing with your money worries and paying what you owe, they may lend to you.

Debt happens. We deal with it.

We have helped millions of people since 1993.

Find out how.


"Your support and knowledge got us our mortgage, we will be forever grateful."

Emma, Feefo Review

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StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674