Let’s face it, in 2025 the world looks like a very different place when compared to five years ago. In the mortgage sector, perhaps the most seismic shift is that we’re no longer blessed with a base rate of 0.1%, as it currently stands at 4.25%.
“I realise that today’s rates look a lot different to what they did in 2020,” acknowledges award-winning mortgage adviser Jo Jingree. “But after speaking with clients and helping many homeowners remortgage over the past year, a lot of people have said that rates aren’t as bad as they thought they were going to be. In fact, one client stated that I found them a deal that they were ‘more than happy with’.
So, with the latest stats showing that this year, 469,192 homeowners are coming off five-year fixed rate — now is not the time to bury your head in the sand. If you’re due to come off a five-year fix, we’ve pulled together a comprehensive guide on what to do. “And the sooner you act, the less stressful remortgaging will be,” Jo adds.
What to do if you’re coming off a mortgage fix
1. Conduct a full mortgage review
As we’ve touched on, a lot can happen in five years. And we’re all very different people to what we were in 2020. Maybe you’ve got a new job, your wage has increased or you’re in need of some more space?
“When you’re remortgaging, it’s a good idea to undertake a full review to really get to the bottom of your needs, wants and desires,” Jo adds. To do so, you could ask yourself questions like:
- Do you value having the security of knowing how much your mortgage will be each month? Or would you rather have more flexibility?
- Do you want to stay in your current home for another two years or another five? Or are you planning on moving as soon as possible?
- Do you plan on remortgaging to help you raise some cash, like helping you finance home improvement jobs, or an extension?
- Or, would you like to reduce your overall mortgage term so you can be mortgage free much sooner than you’d originally planned?
“These are all good things to figure out, as it will help you decide on what type of mortgage is right for you,” Jo adds.
2. Speak to an expert
There are many benefits to speaking to a mortgage adviser. For starters, they essentially make the whole process hassle-free as they look at your personal circumstances and recommend suitable mortgages for you. They can also advise you on making decisions based on your personal preferences.
Advisers have the most up to date information at their fingertips and access to lenders you wouldn’t necessarily find on the high street. This can be especially helpful if you are credit impaired or self-employed.
Of course, we are a little biased. But we would suggest getting in touch with an impartial mortgage adviser as they can source mortgage deals available across the whole UK market. Whilst tied mortgage advisers are employed either or directly by a bank or building society. And are therefore limited to these lenders.
3. Do so before your fix is up
Once you come to the end of your fixed-rate mortgage, your lender will move you onto a standard variable rate (SVR) mortgage.
The SVR is different with each lender. But the SVR is the default interest rate you will be charged if you don’t remortgage before your deal expires.
“More often than not, SVR mortgages have a higher interest rate than any other type of mortgage,” Jo explains.
For example, according to the latest stats, average standard variable rates are 2.85% higher than the average two-year fixed rate mortgage.
But that said, there are some benefits to SVR mortgages as they can offer you more flexibility — especially if you are planning to move in the very near future.
4. Lock in a rate early
Did you know: you can arrange your remortgage up to six months before your current deal ends. Meaning?
“You can lock in rates that are available now, and give yourself time to organise your mortgage and finances,” Jo says. “Then you will feel like you’ve dealt with it head on and can avoid extra stress that can come with rushing the process,” Jo adds.
Plus, here at Mortgage Confidence, we will review your mortgage deal at pre-agreed points up until two weeks before your rate takes effect to see if the lender’s rates have gone down.
Testimonials
And this was something a client who remortgaged found out for themselves. In August 2024, they said: “We were mindful of trying to save as much as possible given current higher interest rates and cost of living. Jo listened patiently to our needs and was clear, efficient and organised throughout the entire process, and found us a deal we were more than happy with. We would highly recommend Jo and we will definitely be using her services again in the future.”
While another client, who posted a review in October 2024 added: “Jo was really helpful with our recent remortgage. She took all the stress and hassle out of the experience, it was so easy and pain free. Leading up to the remortgage date she also kept us posted on constant rate changes which saved us a huge amount of money. I’d highly recommend Jo to anyone looking for help with their mortgage.”
Let us take as much of the stress out of remortgaging as possible
Wondering which way to turn? We would suggest getting in touch with Jo. Jo has been working in the industry since 2000 and offers a 30-minute no-obligation phone call. So do reach out.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £99 to £399 and this will be discussed and agreed with you at the earliest opportunity. Your home may be repossessed if you do not keep up repayments on your mortgage.
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