Mortgage Renewal Advice

Is your fixed or tracker deal coming to an end? Don't worry, you're in good company. Around 1.8 million fixed-rate mortgages are due to finish this year, so plenty of homeowners are asking the same questions you are right now.

The good news is that a little planning goes a long way. In this guide, we'll walk you through what a mortgage renewal actually is, when to start looking, what your options are, and how to make sure you land a deal that genuinely suits you.

What is a mortgage renewal?

A mortgage renewal is when you sign up to a new deal before your current introductory rate ends. Most people do this to avoid being moved onto their lender's standard variable rate (SVR), which is usually much more expensive.

You'll often hear a renewal with your existing lender called a product transfer. It's simply a new rate on your existing mortgage, with the same lender. You might also hear it described as "remortgaging with your current lender". It all means the same thing.

Your main alternative is a remortgage with a new lender. This means moving your mortgage elsewhere, usually to get a better rate or features that suit you better, or to borrow extra.

Why it pays to act before your deal ends

SVRs are set by each lender and can change at any time. According to Moneyfacts, the average SVR was around 7.13% in mid-2026, compared with an average new fixed rate of around 5.5%. On a £200,000 mortgage over 25 years, that gap could cost you well over £150 a month, or close to £2,000 a year.

That said, an SVR isn't always a bad idea for a short time. Because SVRs don't usually have early repayment charges (ERCs), they can work if you're planning to sell soon, pay off a large lump sum, or switch to a new lender once a better deal comes along.

Your options when your deal is ending

When your initial rate period is coming to an end, you can usually:

• Pick a similar deal with your current lender (a product transfer)

• Switch to a different type of deal with your current lender, for example moving from a fixed rate to a tracker

• Move to a new lender (a remortgage)

• Let your mortgage roll onto the SVR, usually as a short-term stopgap

Product transfer or remortgage: which is right for you?

Here's a quick side-by-side to help you weigh things up:

A product transfer is quick and simple, and it can be a real lifeline if your circumstances have changed and you'd struggle to pass a new lender's checks. A remortgage takes a little more effort, but it could open the door to a lower rate or better features.

The best way to find out which option is right for you is to compare both. That's exactly what a whole-of-market broker can do for you.

When should you start the renewal process?

We recommend you start thinking about your options around six months before your deal ends.

Under the government's Mortgage Charter, most major residential lenders let you lock in a new deal up to six months ahead. The Charter has 47 signatories, covering around 90% of the market, and over 880,000 homeowners used it to lock in early in the first half of this year alone.

A few things to keep in mind:

• Lender windows vary Some let you book a product transfer six months ahead, while others only open their window three or four months before your deal ends. Check with your lender or ask your broker.

• Remortgage offers are usually valid for around six months, so you can secure a deal with a new lender well in advance too.

• You're not locked in if rates fall. Many lenders and brokers will let you switch to a cheaper deal before your new one starts, as long as you haven't completed yet. This means booking early can protect you from rising rates without missing out if they drop.

Why does this matter right now? There’s a possibility that rates might move upwards, so securing a deal early can give you real peace of mind.

How to find out when your deal ends

If you're not sure when your current rate finishes, you'll find it in your mortgage offer or annual statement. You can also log into your lender's app or online account, or simply give them a call. Most lenders will also get in touch a few months before your deal ends to let you know your options.

How to renew your mortgage, step by step

1. Check your end date and any ERCs: Find out exactly when your deal ends and whether you'd pay a charge to leave early.

2. Review your situation: Think about how long you'd like to fix for, whether you want to overpay, and whether you need to borrow more.

3. Check your credit reports: Fixing any errors now could help you qualify for a better rate - signing up for a free trial on Checkmyfile to download your credit reports for free and see where quick fixes can be applied.

4. See what your lender is offering: Note the rate, fees and any incentives. But don't sign up straight away

5. Compare the whole market: A broker can show you whether a better deal is available elsewhere.

6. Lock in your deal: Aim to do this three to six months before your current deal ends.

7. Keep an eye on rates until completion: If a better deal comes along before you complete, you may be able to switch.

Good news: switching lenders has become easier

In July 2025, the Financial Conduct Authority (FCA) changed its rules to make it easier for homeowners to switch to a new lender.

Previously, many borrowers felt "trapped" with their current lender because they couldn't pass a new lender's full affordability checks, even after years of paying their mortgage on time. This was sometimes called being a "mortgage prisoner".

Under the new rules, lenders can use a simpler modified affordability assessment if the new mortgage would cost you less than either your current mortgage or the product transfer deal your existing lender is offering. The FCA also removed the need for a full affordability check if you want to shorten your mortgage term.

These rules are optional, so not every lender uses them. But more and more lenders are taking them up, and a broker will know which ones do. If your income has dipped or you've recently become self-employed, it's well worth asking about.

How much does it cost to renew your mortgage?

The rate isn't the only thing to think about. Here are the main costs to look out for:

• Arrangement or product fees, which can range from nothing to £1,999 or more. A low rate with a high fee isn't always the best deal, especially on a smaller mortgage.

• Early repayment charges (ERCs) if you leave your current deal early. These are usually a percentage of your balance and tend to reduce each year.

• Valuation fees, though these are often free on remortgage deals and aren't usually needed for a product transfer.

• Legal fees, which are often covered by the lender or replaced with cashback when you remortgage. There's no legal work needed for a product transfer.

• Broker fees, which vary from broker to broker. Your broker should always tell you upfront about any fees.

To compare deals properly, look at the total cost over the deal period, not just the headline rate.

When could you be turned down for a mortgage renewal?

If you're simply switching rates with your current lender and not borrowing more, it's rare to be turned down, as long as you're up to date with your payments. Problems are more likely to come up if you want to borrow more, change your term, or move to a new lender.

Here are some of the most common reasons you might find things trickier, and what you can do about them.

You've run into credit problems

If you've had missed payments, defaults or a CCJ since taking out your mortgage, some lenders may be more cautious, especially if the issues are recent or serious.

The good news is that a product transfer often doesn't need a credit check at all. And if you'd like to move lender, there are specialist lenders who are happy to look at bad credit remortgages.

You're approaching retirement

Many lenders have a maximum age limit, often between 70 and 85 by the end of your mortgage term. If your new term would take you past this, some lenders may be reluctant to lend, as they'll want to see how you'll keep up with repayments in retirement.

Don't worry, you still have options. Some lenders have higher age limits or none at all, and products like retirement interest-only mortgages and equity release could also be worth exploring.

You've recently become self-employed

Most lenders like to see two years of accounts or tax returns from self-employed borrowers. If you were employed when you first took out your mortgage, this could make switching to a new lender harder.

A product transfer with your current lender is often the simplest route here, as you usually won't need to prove your income again. If you'd prefer to move, some lenders will accept just one year's accounts, and the FCA's newer affordability rules may also help.

Your income has dropped

If your income is lower than when you first took out your mortgage, you might struggle to pass a new affordability assessment, especially if you want to borrow more.

A broker can help by finding lenders that use higher income multiples, or that accept a larger share of bonuses, overtime or other additional income.

Your property value has fallen

If your home is now worth less, your loan-to-value (LTV) ratio may have gone up. This could mean fewer deals and higher rates. A product transfer is usually unaffected, as most lenders don't revalue your home, which can work in your favour.

Struggling with your payments? Help is available

If your new monthly payments feel like a stretch, please don't struggle in silence. Speak to your lender as early as possible.

Under the Mortgage Charter, if you're up to date with your payments, you can ask your lender to:

• Switch to interest-only payments for up to six months, without a new affordability check

• Extend your mortgage term to lower your monthly payments, with the option to switch back to your original term within six months

Neither of these will affect your credit score. Just remember that interest still builds up on the full balance, so you may pay more overall.

You can also get free, impartial help from MoneyHelper or debt charities such as StepChange.

Top tips for getting the best renewal deal

• Don't just accept your lender's first offer. It's always worth hearing what your lender can do, but compare it with the rest of the market before you sign up.

• Get your credit reports in shape. Check all three credit reference agencies for errors or out-of-date information.

• Think about how long to fix for. A two-year deal gives you flexibility, while a five-year deal gives you long-term certainty. Also consider whether a tracker might suit you better.

• Use any savings wisely. If your current deal allows it, making an overpayment before you renew could lower your LTV and help you get a better rate.

• Look beyond the headline rate. Factor in fees, cashback and any flexible features you'd like, such as overpayments or the ability to port your mortgage.

• Speak to a broker. A good broker can tell you whether staying with your lender is your best move, search the whole market, and often access exclusive deals you won't find on your own.

Our expert says

Renewing a buy-to-let mortgage

Renewing a buy-to-let mortgage works in much the same way. You can take a product transfer with your current lender or remortgage with a new one, and it's best to start looking around six months before your deal ends.

There are a few key differences to bear in mind:

• The Mortgage Charter doesn't cover buy-to-let. You won't have the same guaranteed protections, although many lenders still let you book a new deal in advance.

• Rental income is key. If you remortgage, lenders will usually check that your rent covers your mortgage payments by a set margin, typically 125% to 145%, depending on your tax position and the lender.

• Limited company landlords may find a different range of products and rates compared with landlords who own properties in their own name.

Our buy-to-let brokers are on hand to help you find the right deal for your portfolio.

Why choose Echo Finance for your mortgage renewal?

Even if you're planning to stay with your current lender, it's reassuring to know for certain that you're getting a great deal. Our brokers compare your lender's offer with the rest of the market and give you honest, impartial advice on what's best for you.

Here's why people choose us:

• Whole-of-market, impartial brokers who put your needs first

• Access to exclusive remortgage deals you might not find on your own

• 5-star ratings on leading review websites

• A quick and easy start, with a mortgage in principle in minutes online

Ready to find out what your options are? Get started here for a free, no-obligation chat with one of our friendly advisers.