The standard variable rate (SVR)
Most lenders have a Standard Variable Rate — a default interest rate that your loan reverts to when an introductory deal (like a fix) finishes. SVR moves at the lender’s discretion; it’s not the same as the Bank of England base rate, though they often move in similar directions over time.
SVR is almost always higher than the competitive fixed or tracker products the same lender advertises to new customers. Drifting onto SVR without checking your options is the most common way people overpay. You’re not obliged to stay on it.
Product transfer (staying with the same lender)
A product transfer — sometimes called a rate switch — is when you take a new deal with your current lender without remortgaging elsewhere. Less paperwork than a full remortgage, often no legal work, and it can be the right call when your situation or the property hasn’t changed much and your lender’s pricing stacks up.
It’s still worth comparing against the wider market. Loyalty doesn’t always get rewarded; sometimes another lender is cheaper even after fees. I’ll run both sides so you’re choosing with eyes open.
Remortgaging (switching lender)
Remortgaging means repaying your existing mortgage with a new one from a different lender, secured on the same property. You’ll go through affordability checks and valuation again — similar to when you bought — but you’re not moving house. People remortgage to get a better rate, borrow more, or change terms (e.g. fixing payment certainty).
Allow time: applications, underwriting and legal work can take several weeks. Starting three to six months before your fix ends is sensible so you’re not parked on SVR longer than necessary.
What I’d do as a rule of thumb
Diarise six months before your end date. Get an idea of your property value, outstanding balance, and what you want from the next few years (payment stability vs flexibility). Then compare product transfer quotes with what’s available across the market — fees included, not just the rate.
This guide is general information, not personal advice. If your deal is ending soon, get in touch and we’ll work through the numbers for your case.