Your fixed rate is ending: what Altrincham homeowners should do next
If you took out a five-year fix in 2021, your deal is ending about now. Back then, plenty of homeowners in Altrincham, Hale and Timperley locked in at rates around 2.5%. Today the picture is very different, and doing nothing is the most expensive option.
As a fee-free, whole-of-market mortgage broker based in Altrincham, this is the conversation we're having with clients every week. Here's what actually happens when your fix ends, and what to do about it.
What happens on the day your fixed rate ends?
Your mortgage doesn't stop. Your lender simply moves you onto its standard variable rate (SVR), usually from the first payment after the deal ends.
The SVR is almost always the most expensive rate a lender offers. The average SVR is currently around 7.1%, while the Bank of England base rate sits at 3.75%. On a typical Altrincham mortgage, that gap can mean hundreds of pounds extra every month.
You won't get a penalty for sitting on the SVR, and you can usually leave it at any time. But every month you stay there costs you money.
Your three options
1. Stay on the SVR. Flexible, but expensive. Rarely the right long-term choice.
2. Take a product transfer. Your current lender offers you a new deal. It's quick, usually needs no fresh credit check or valuation, and can be a great option.
3. Remortgage to a new lender. Moving lender can unlock a lower rate, extra borrowing, or a change in term. It takes a little longer and involves a full application.
The right answer depends on your rate, your loan-to-value, your income and your plans. A broker compares your lender's product transfer against the whole market, so you see both side by side.
Why Altrincham homeowners are often in a stronger position than they think
Property values across Altrincham, Hale and Bowdon have held up well over the past five years. If you've also been paying down your balance, your loan-to-value (LTV) may have dropped into a cheaper pricing band. Lenders price their best rates for lower LTVs, so it's worth checking where you now sit.
When should you start?
Around six months before your deal ends. Most lenders let you secure a new rate up to six months in advance. If rates fall before completion, we can often switch you to the better deal.
How Clarity can help
We're an independent mortgage broker based at KB House, Scott Drive, Altrincham. We search the whole market, we never charge a broker fee, and you'll deal with one dedicated adviser from start to finish.
Fix ending in the next six months? Get in touch and we'll compare your options for free.
Q&A: fixed rate ending
Will my lender tell me my fixed rate is ending?
Most lenders write to you a few months before. Don't rely on it: check your mortgage offer or online account for the exact end date.
Is a product transfer always cheaper than remortgaging?
No. It's often simpler, but another lender may beat your current lender's offer. Comparing both is the only way to know.
Can I remortgage if my circumstances have changed since 2021?
Usually, yes. A new job, a pay rise, going self-employed or a change in household all affect which lenders suit you. A broker matches you to the right ones.
What is the standard variable rate?
It's the lender's default rate once your deal ends. Lenders set it themselves and it can change at any time.
Do I need a broker in Altrincham, or can I do it online?
You can do it yourself, but a local whole-of-market broker sees deals and lender criteria you can't easily compare alone. With Clarity, that advice is fee-free.
How long does a remortgage take?
Typically four to eight weeks. A product transfer can complete in days.
Rates correct as at 6 October 2026. The Bank of England base rate is reviewed every six weeks; the next decision is due 5 November 2026.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
