When a fixed-rate mortgage ends: questions worth asking first

The letter arrives a few months before your deal ends. It offers a new rate, sometimes with a tidy product fee waived if you stay put. Many households accept it within a week because the paperwork feels familiar.

That familiarity can hide costs. Ask how the new rate sits against the wider market for your loan-to-value band. Check whether an early repayment charge would apply if you move or remortgage again within two years. Confirm the arrangement fee and whether it can be added to the loan.

If you expect a salary rise, inheritance, or a house move within the next three years, a shorter fix or a carefully chosen tracker may suit better than locking in for five. Bring your latest statements, the outstanding balance, and a note of any planned lump-sum payments to a consultation so the conversation stays concrete.