Roughly 1.6 million UK mortgage holders see their fixed rate expire every year. The day after your deal ends, you move onto your lender's Standard Variable Rate. In early 2025, SVRs ranged from about 6.5% to 9.5% across different lenders. On a 250,000 pound mortgage over 25 years, the difference between a 4% fix and an 8% SVR is roughly 620 pounds per month. That is over 7,400 per year.\n\nWhen to Start Looking — Begin shopping for your next deal six months before your current fix expires. Most mortgage offers are valid for six months, so you can lock in a rate now and let the offer sit until you need it. If rates drop further before your deal ends, you can usually apply again for the lower rate without penalty.\n\nProduct Transfer vs Remortgage — A product transfer means switching to a new deal with your current lender. It is faster (sometimes same-day), requires no valuation, and involves no legal fees. A remortgage means moving to a different lender entirely. It takes longer (4–8 weeks) and involves a valuation and legal work, but a different lender may offer a better rate.\n\nWhich Is Better — Compare the total cost of both options over the product period. If your current lender is within 0.1–0.2% of the best available rate, a product transfer usually wins because you avoid valuation and legal costs. If another lender is significantly cheaper, the savings from a lower rate outweigh the switching costs.\n\nEarly Repayment Charges — Most fixed rate mortgages charge a penalty if you leave before the deal ends, typically 1–5% of the outstanding balance. Check your mortgage terms carefully. Some deals allow you to switch on the last day of the fixed period without penalty, but not a day early.\n\nDoing Nothing Is Expensive — Even one month on the SVR can cost hundreds more than necessary. Set a calendar reminder for six months before your deal ends and start the process then. Many brokers offer a free rate monitoring service and will contact you when it is time to switch.