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Fixed rate mortgage ending: What to do

You can unlock your options as a homeowner if you contact your lender and understand your financial situation as early as possible.

If you are worried about keeping up with mortgage payments, we are here to help you. Take two minutes to answer some simple questions to find out what help you need now.

Take the test

What can I do right now about my mortgage?

Use our checklist.

1. Do not 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 on top of that.

Plus, finding a new deal can be harder if you recently had money problems, so do not wait.

2. Think about your budget

You need to be clear about what you really can afford. Look at:

  • What you have coming in
  • What you need to spend to live
  • And what you owe

And do not forget to think about big life changes that could affect your finances. Such as losing a job, getting an inheritance, or having a baby.

Read our guides to:

3. Speak to your current lender before looking for deals elsewhere

Because your current lender already knows you, it can be quicker and easier to talk to them about a new deal.

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

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

4. But do shop around. To make sure you get the best deal

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.

5. Do a final check before signing anything

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

If you are worried about money, we are here to help you. Use our online debt advice service at any time of day or night.

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.

What if I am worried about money and my mortgage?

Pay your most important bills first – these include your mortgage.

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

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

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 does not 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 am on a debt solution. Can I change my mortgage?

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.

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.

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