What to do if your mortgage deal is up for renewal
You may have heard in the media that Mortgage Rates have started to rise again over the past few weeks. Despite the initial hope this year that mortgage rates would
continue to go down this year, the conflict in the Middle East has impacted our domestic rates. As such, you might be wondering what to do if your current mortgage deal is due to end soon. In this article, we look at the benefits of reviewing your options early and how we can help you understand your options.
When a mortgage deal comes to an end, many borrowers are automatically moved onto their lender’s Standard Variable Rate (SVR). This can mean higher monthly payments, so it often makes sense to look at your next steps before your current deal finishes.
At Your Mortgage Expert, we can help you understand your options, whether that means staying with your current lender or switching to a new mortgage deal.
Need help now?
If your mortgage deal is ending in the next 6 months, get in touch and we can talk you through your options.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
In a hurry? Here’s what to do
If your mortgage deal is up for renewal, here are the main steps to take:
- Check when your current deal ends
- Start reviewing your options early
- Compare staying with your lender against remortgaging
- Get your documents ready
- Try to avoid falling onto your lender’s Standard Variable Rate if possible
The earlier you start, the more time you usually have to consider your options carefully.
What happens when your mortgage deal ends?
What happens when your mortgage deal ends?Most mortgage deals only last for a set period of time. For example, you may have a 2 year fixed rate, a 5 year fixed rate, a tracker, or another introductory product.
When that deal ends, your mortgage does not usually end altogether. Instead, your lender will normally move you onto their Standard Variable Rate.
This matters because the Standard Variable Rate is often higher than the rate you have been paying on your current deal. As a result, your monthly payments could increase.
That is why many borrowers start reviewing their mortgage options before their current deal expires.
How early should I review my mortgage options?
As a general rule, it is sensible to start looking at your options around 6 months before your current mortgage deal ends.
This can give you time to:
- understand what your current lender may offer
- compare deals from across the market
- prepare any documents you may need
- avoid leaving everything until the last minute
Starting early does not necessarily mean committing straight away. It simply gives you more time to make an informed decision.
When your current deal is coming to an end, you will usually have three main options.
Stay with your current lender
This is often called a product transfer or rate switch.
It means moving onto a new mortgage deal with your existing lender rather than changing lender altogether.
This option can be attractive because it is often more straightforward and may involve less paperwork than a full remortgage.
However, it is not always the cheapest option, so it is still worth comparing it against the wider market.
Remortgage to a new lender
A remortgage means switching your mortgage to a new lender.
This may give you access to a wider range of deals and could help you reduce your monthly payments, depending on your circumstances and the market at the time.
A remortgage may also be useful if you want to:
- borrow more
- change your mortgage term
- move from one type of deal to another
- review your mortgage more fully
This process can involve more checks and paperwork than staying with your current lender, but it may offer more choice.
Do nothing
If you do nothing, your lender will usually move you onto their Standard Variable Rate (SVR) once your current deal ends.
This is often the least attractive option because it can mean higher monthly repayments. Some borrowers stay on the SVR temporarily for a particular reason, but in many cases it makes sense to review your options before that happens.
Should I stay with my lender or remortgage?
There is no one size fits all answer. The most suitable option depends on your own circumstances.
Staying with your current lender may suit you if:
- you want a simple process
- your current lender is offering a competitive deal
- your circumstances have changed and you want to understand your available options carefully
Remortgaging may suit you if:
- you want to compare a wider range of deals
- you are looking for better value
- you want to change your mortgage term or borrowing
- you want advice on the best fit for your circumstances
The right answer is not always just about the lowest interest rate. It can also depend on fees, flexibility, early repayment charges, and what you want your mortgage to do for you over the next few years.
Can I renew my mortgage early?
In many cases, you can begin reviewing your options and arranging your next mortgage deal before your current one ends.
How early this can be done will depend on the lender and the product. Starting early can give you more time to understand your options and prepare any information needed.
Please note that early repayment charges may apply if you repay or change your current mortgage before the end of the existing deal period. Whether this applies will depend on your current mortgage terms and your lender’s criteria.
If you are unsure when to start, we can help you understand the timing of your current deal and the options available to you.
What documents might I need?
What documents might I need?The documents required will depend on whether you stay with your existing lender or remortgage to a new one.
If you remortgage, you may be asked for documents such as:
- proof of income
- recent payslips
- SA302s or accounts if you are self-employed
- bank statements
- ID and proof of address
- your latest mortgage statement
- details of any loans, credit cards, or regular commitments
Getting your paperwork together early can help the process run more smoothly.
Are there any fees or early repayment charges?
Possibly. It depends on your current mortgage and the deal you choose next.
Things to consider may include:
- early repayment charges if you leave your current deal too soon
- product fees
- valuation fees
- legal fees
- adviser fees, where applicable
The cheapest looking rate is not always the cheapest overall option. It is important to look at the total cost and how the deal fits your plans.
We can help you compare the wider picture, not just the headline rate.
What if my circumstances have changed?
Many people worry about reviewing their mortgage because their circumstances are not exactly the same as when they first took out their current deal.
For example, you may now be:
- self employed
- earning variable income
- on maternity leave
- working on a contract basis
- carrying more credit commitments than before
- looking to borrow more
That does not automatically mean you have no options. It simply means it is even more important to get the right advice before making a decision.
How a mortgage broker can help
How a mortgage broker can helpWhen your mortgage deal is up for renewal, it can be hard to know whether you should stay with your current lender or look elsewhere.
A mortgage broker can help by:
- reviewing your current situation
- comparing suitable options
- explaining the pros and cons clearly
- helping with paperwork and timing
- guiding you through the process from start to finish
At Your Mortgage Expert, we help clients in Salisbury, Wiltshire and across the UK with mortgage renewals, remortgages and product transfers.
Whether you want to move quickly or simply understand your options, we are here to help.
Frequently Asked Questions
What happens if my mortgage deal expires?
If your mortgage deal expires, your lender will usually move you onto their Standard Variable Rate. This can mean higher monthly payments, which is why many borrowers review their options before their current deal ends.
How long before my mortgage renewal should I act?
A good rule of thumb is to start reviewing your options around 6 months before your deal ends. This gives you time to compare your next steps and prepare properly.
Is it better to remortgage or stay with my current lender?
That depends on your circumstances. Staying with your lender may be simpler, while remortgaging may give you access to a wider range of deals. The best option depends on rate, fees, flexibility and your overall plans.
Can I renew my mortgage early?
In many cases, yes. Many borrowers start looking at their next mortgage deal several months before their existing deal ends.
Will my mortgage payments go up when my deal ends?
They may do. If you move onto your lender’s Standard Variable Rate, your monthly payments could increase compared to your current deal.
What documents do I need for a mortgage renewal?
If you remortgage, you may need proof of income, bank statements, ID, your latest mortgage statement, and details of your existing financial commitments.
What if my circumstances have changed since I took out my mortgage?
You may still have options. Changes in income, employment type, or outgoings do not necessarily stop you from renewing or remortgaging, but they can affect which deals are suitable.
Need help with a mortgage deal that is ending soon?
If your mortgage deal is due to end in the next few months, we can help you review your options.
Whether you want to stay with your current lender or look at remortgage deals across the market, we can talk you through the next steps and help you make an informed decision.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
Contact Your Mortgage Expert today to discuss your mortgage renewal options.
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The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. Your Mortgage Expert Ltd and Mortgage Advice Bureau cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation.
This page was updated in March 2026