Remortgaging

Fixed rate ending: product transfer vs remortgage checklist

Last updated 23 July 2026

When a fixed deal ends you usually move to a new rate. Even a one or two percentage point change can add a large amount to the monthly payment. Starting four to six months early gives you time to choose between a product transfer with your current lender and a remortgage elsewhere, without drifting onto an expensive standard variable rate.

Start four to six months before the fix ends. Product transfer stays with your lender (often simpler); remortgage opens the market but means a full application. Model a higher rate on your balance so you know the payment headroom before any SVR period.

This checklist and worked example are about timing, process, and cash payment headroom. Which lender or product feels right still depends on service, eligibility, and preference, not only the rate.

Checklist before your fix ends

Note your fix end date and whether your lender is a Mortgage Charter signatory (lock a deal up to six months early if you are up to date).
Ask your lender for product-transfer options and fees; get at least one remortgage quote on the open market.
Check early repayment charges if you leave early, plus arrangement, valuation, and legal fees on a switch.
Model repayments at a higher rate on your remaining balance so the payment shock is visible.
Tell your current lender if you apply elsewhere so two deals do not start at once.

Product transfer vs remortgage

	Product transfer	Remortgage
Lender	Stay with current lender	Move to a new lender
Process	Usually simpler / fewer checks	Full application and underwriting
Market access	That lender’s products only	Wider market
Fees to watch	Product / booking fees	Arrangement, valuation, legal + ERCs if early

Worked example: +0.5 percentage points at renewal

Home price

£350,000

Deposit

15%

Term

25 years

Planning rate

5.0%

Stress rate

5.5%

Key takeaways

At 5.0% the repayment is about £1,740 a month.
At 5.5% it rises to about £1,830, roughly £90 more each month.
Locking a rate months ahead (Mortgage Charter) buys time to compare transfer vs remortgage before any SVR period.

What most people leave too late

Mortgage Charter signatories (most of the UK market) let customers who are up to date lock a new deal up to six months before the fix ends.
Product transfer stays with your lender (often quicker and fewer fees); remortgage opens the market but means a full application.
Early repayment charges, arrangement fees, and valuation costs can outweigh a slightly lower headline rate.

How sensitive is the payment?

The impact of a higher rate is bigger on larger loans and when more of the balance is still outstanding. Vary the interest rate by a percentage point or two on your scenario to see the headroom you need.

Rate at renewal (this worked example)

Same £350,000 home, 15% deposit, 25-year term. Small rate steps change the monthly repayment before fees.

Monthly repayment by rate

Rate	Approx. monthly repayment	Change vs 5.0%
5.0% (planning)	£1,740	—
5.5% (worked example)	£1,830	+£90
6.0%	£1,920	+£180

Key takeaways

Model a higher rate before the fix ends so payment shock is visible early.
Compare rate plus fees over the deal period, not the headline rate alone.
Starting four to six months early buys time for transfer vs remortgage without drifting onto the SVR.

Quick answers

Should I do a product transfer or remortgage when my fixed rate ends?

A product transfer is a new deal with your current lender. A remortgage moves the loan to a different lender. Transfers are usually simpler; remortgaging opens the market but means a full application. Compare rate plus fees for both.

Can I lock in a new mortgage rate before my fixed deal ends?

Under the Mortgage Charter, signatory lenders let customers who are up to date lock in a new deal with that lender up to six months before the fix ends. Remortgaging elsewhere is a separate application.

What fees apply when I switch?

Leaving a fixed deal early can trigger an early repayment charge. A new lender may charge arrangement, valuation, and legal fees. Complete after the ERC period when you can, and compare total cost, not the headline rate alone.

Try your scenario

Change the inputs on the calculator (price, nation, or buyer type) and see how the numbers respond.

Model repayments at a higher rate Assumptions and sources