When a fixed rate ends, many homeowners are moved automatically onto the lender’s standard variable rate, which is often higher than available fixed deals. The two main alternatives are a product transfer with your existing lender and a remortgage to a new one. Neither is always best, and the right choice depends on your circumstances, your property and what is available at the time.
What is a product transfer?
A product transfer means switching to a new rate with your current lender without changing the mortgage provider. It is usually quicker and cheaper because there is typically no new valuation or conveyancing, and affordability checks may be lighter or, in some cases, not repeated. That can help borrowers whose circumstances have changed, for example after a drop in income or a change of employment.
What is a remortgage?
A remortgage moves the loan to a different lender. It opens up the whole market rather than one lender’s range, and may be needed if you want to borrow more, change the term or consolidate other debts. It involves a full application, a valuation (often free) and legal work, and you will be assessed against the new lender’s affordability rules.
Timing matters
Most lenders let you arrange a new deal several months before your current one ends, and many allow you to hold the rate and switch if a better one appears. Bank Rate stood at 3.75% following the September 2026 Bank of England decision, but fixed mortgage pricing follows swap rates and lender competition rather than Bank Rate alone, so it can move between enquiry and completion. Starting early protects you from drifting onto a reversion rate. Our guide on the mortgage timeline from agreement in principle to completion shows how long each stage can take.
Points to compare
- Total cost, not just the headline rate. Arrangement fees, valuation and legal costs, cashback and early repayment charges all affect the real cost over the deal period.
- Loan-to-value. If your property value has risen or your balance has fallen, you may qualify for a lower-LTV tier; see how valuations can shift in our article on house prices, LTV and down-valuations.
- Flexibility. Overpayment allowances, portability and the ability to switch products mid-term.
- Your plans. If you may move or borrow more within the deal period, a shorter fix or a flexible product might suit better.
Where a broker helps
A broker can compare your lender’s product transfer rate against the wider market, check whether a remortgage saving justifies the costs, and advise where your circumstances make some lenders more suitable than others. Our UK remortgage guide for 2026 gives further background. Landlords reviewing both residential and investment borrowing may also find the Buy-to-Let & Portfolio Landlord Hub useful.
Speak to us
Read more about first-time buyer and remortgage advice at Giles Finance, check the areas we cover, or get in touch before your deal ends.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. There may be a fee for mortgage advice; the actual amount will depend on your circumstances.
Giles Finance is a trading style of Giles Finance & Consultancy Services, authorised and regulated by the Financial Conduct Authority (FRN 726857).