Prepare for your mortgage deal ending

Use this guide when your mortgage deal ends within the next six months or so. Have your latest mortgage statement, your deal end date, an idea of your home's value and recent payslips or accounts ready.

Step by step

1. Find your key dates and figures

   Check your mortgage statement or online account for the date your deal ends, the balance, the rate you will move to afterwards and any early repayment charge. Note these on one page. Your lender's standard variable rate is often much higher than a new deal.

2. Check what your lender offers

   Ask your current lender what new deals it can offer, often called a product transfer. This can be simpler, as there may be no need for a full affordability check. Note the rate, fees and length of each offer.

3. Compare the wider market

   Compare deals from other lenders using comparison tools or a mortgage broker, who can search many lenders. Look at the total cost over the deal period, including arrangement fees, not just the rate. Check whether moving would involve legal or valuation costs.

4. Decide how long to fix

   Think about how long you plan to stay in the home, how you would cope if payments went up and whether you might want to overpay or move. A longer fix gives certainty, a shorter one more flexibility. Decide what matters most to you.

5. Secure a deal early

   Many lenders let you secure a new deal several months before your current one ends. If rates fall before completion, you can often switch to a better offer. Aim to have the new deal start the day after your old one ends.

6. Get help if payments are unaffordable

   If a new payment would be hard to afford, contact your lender early and ask about options such as extending the term or temporarily paying interest only. Get free advice from MoneyHelper or Citizens Advice. Do not ignore arrears, as your home is at risk.

Ready-to-use checklist

• Deal end date noted
• Balance and early repayment charge checked
• Lender's product transfer offers seen
• Wider market compared
• Total cost including fees worked out
• Deal length decided
• New deal secured before old one ends
• Budget updated for new payment

Practical tips

• Put a reminder in your calendar six months before your deal ends so you have time to compare.
• Ask any broker how they are paid and whether they search the whole market.
• Avoid taking out new credit or missing payments in the months before you remortgage, as this could affect the deals you are offered.

Common problems

This guide gives general information, not personal legal, financial or medical advice. Rules and prices change, so check the current position with the official service before acting.

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