Your Fixed Rate Is Ending - Here's Why Acting Now Could Save You Thousands
Don't roll onto your lender's SVR. With average Standard Variable Rates at 7.15%, find out why acting now could save you hundreds per month and how to lock in the best remortgage deal today.
If your mortgage deal is expiring in the next six months, this article is for you. The difference between acting early and drifting onto your lender's Standard Variable Rate could cost you hundreds of pounds every single month.
The SVR Trap
The average Standard Variable Rate in April 2026 is 7.15%. That is the rate you automatically roll onto when your deal ends if you do nothing. SVRs vary by lender — some sit around 6.31% while others are as high as 8.38%. Compare that to the best remortgage fixed deals available today and the saving is stark.
The best two-year fixed remortgage rate currently available is around 4.78%, and five-year fixes are available from as low as 4.09% from some lenders. The gap between staying put on an SVR and switching to a new deal is one of the largest it has been in years.
The Bigger Picture
At the start of 2026, the outlook was relatively positive for those planning to remortgage as interest rates were expected to keep falling. However, the conflict in the Middle East and its knock-on effect on global inflation has significantly altered that picture. The chances of further Bank of England base rate cuts in 2026 have reduced, and some swap rates — the underlying cost lenders use to price fixed rate mortgages — have actually risen in recent months.
This means the window for locking in a competitive fixed rate may be narrower than many borrowers expected. Those who were waiting for rates to drop further before remortgaging may find that rates move in the wrong direction first.
What to Do
Start the remortgage process up to six months before your current deal ends. You can lock in a rate with most lenders today and complete when your deal finishes — there is no penalty for starting early. A specialist broker will compare deals across the full market and factor in fees, cashback, and total cost, not just the headline rate. The best deal is not always the lowest rate — it is the one that costs you least overall.
Call us today before your deal ends. We work with over 90 lenders and will find the right fit for your circumstances.