Your Fixed Rate Is Ending Soon – Here’s Why You Should Act Early

25 Sep Your Fixed Rate Is Ending Soon – Here’s Why You Should Act Early

If you took out a fixed-rate mortgage in the last two to five years, there’s a strong chance it’s due to end soon. You’re not alone. According to UK Finance, over 1.5 million fixed-rate deals are set to expire this year and for many homeowners, that means a sharp rise in monthly repayments.

But here’s the good news…

Planning ahead can make all the difference.

At Wyke Financial, we recommend reviewing your mortgage around 4 to 6 months before your current deal ends. That might sound early, but there are very good reasons to get ahead of the curve.

Why Early Reviews Work in Your Favour

1. Avoiding the SVR Shock
   If your fixed deal ends and you haven’t arranged a new one, you’ll automatically move onto your lender’s Standard Variable Rate (SVR). These rates are often significantly higher than what you’re used to. Early planning gives you time to avoid that jump.
2. Securing a Rate in Advance
   Many lenders allow you to lock in a new deal up to 6 months in advance. If rates improve before your switch date, you can often change without penalty. If they rise, you’ve secured a better deal in time.
3. Reducing Stress
   Life gets busy. Leaving your re-mortgage until the last minute means rushed paperwork, reduced lender choice and unnecessary pressure. Reviewing early gives you time to weigh up your options calmly and confidently.
4. Accommodating Changes in Circumstances
   If anything in your financial situation has changed, a new job, additional income, or even short-term credit issues, starting the process earlier gives us more time to find the right lender for your updated profile.

What Does a Mortgage Review Involve?

At Wyke Financial, we offer a no-obligation re-mortgage review designed to make the process simple. We will:

• Reassess your current deal and its expiry date
• Compare a wide range of lenders and rates
• Explore whether you can reduce your monthly payments, raise additional funds or shorten your term
• Handle the application, paperwork and lender communication on your behalf

There’s no cost to explore your options with us; it could save you thousands over the next few years.

Don’t Wait for a Reminder

We often hear from clients who say, “I wish I’d looked into this sooner.” So if your fixed rate is due to end anytime in the next six months, now is the time to book your review.

You’ll have more control, more choice, and less to worry about when the time comes.

Arrange a meeting with one of our first class brokers here.