Coming to the end of your deal?

Find out more about how to change your mortgage.

Coming to the end of your deal? Here’s how to change mortgage deals

If your mortgage deal is coming to an end, then the first thing you should do is get advice from a financial adviser. They will be able to help with switching mortgage deals and lenders to make sure you can afford the new mortgage rates. Here we cover some helpful questions and answers to help you understand what to do next if you're coming to the end of your mortgage deal.

We’ll write to your original broker 100 days before your current fixed rate expires and to you 90 days before with your options. This will include an application form that you’ll need to sign and return, then we’ll issue a mortgage offer confirming details of your new mortgage deal and mortgage payments. You will need to return the signed mortgage offer for the new mortgage deal to take effect. If your mortgage deal ends and you don’t switch, your current mortgage will move on to our standard variable rate (SVR) which could be higher than your current rate. If you aren’t coming to the end of your deal yet, you may be able to switch early, but you may have to pay an Early Repayment Charge to exit your current deal.

An SVR mortgage means your payments can go up or down according to changes in interest rates which is determined by the Hodge. You won’t have any early repayment charges and you can overpay or redeem without penalty.

The current SVR is 8.85%.

There aren’t any legal fees and we don’t need to complete any credit or affordability checks. However, you will need to pay any product fee associated with the new deal and, once in place, new Early Repayment Charges may apply. You may need to pay a valuation fee if you feel there has been a dramatic change in your property value which affects your loan to value and results in us needing to instruct a surveyor.

If you’re keeping your mortgage with us, then you’ll need to choose a mortgage deal from the same product family. For example, if you have a 50+ Residential Interest Only mortgage with us you need to choose another 50+ Residential Interest Only mortgage as they are part of the same product range. Available rates will be provided in your application form.

If you know what mortgage deal you want, it’s up to you whether you take advice. We strongly encourage you to get financial advice to make sure you’re getting the best option for you and your personal circumstances.

Make sure you understand the details of your new mortgage deal and the mortgage payments you’ll be expected to pay each month. If you’re not sure, speak to a mortgage adviser first or visit to find a mortgage adviser.

You can complete and return the Rate Switch application form which includes the Execution Only Declaration Form. If you don’t speak to an adviser, this declaration confirms that you have chosen to proceed without obtaining advice.

Your new mortgage deal will take effect as soon as the existing rate ends. If you are currently on SVR then we will switch the deal as soon as we receive the signed mortgage offer. For more information please call 0800 028 3746.

We always recommend that you speak to a financial adviser about your current mortgage deal and whether it’s worth switching mortgage providers or staying with the same lender. They will be able to advise on whether it’s worth changing your existing mortgage based on the current mortgage market and mortgage rates.

The rate is secured on receipt of the application. An offer document will be valid for 3 months and if you do not return this within the validity period, a new offer document will need to be produced and the rate may no longer be available.

Even if a signed offer has been returned, you can still take advantage of any rate decreases before your rate switch deadline by requesting a new offer document from us on the lower rate. Once the deadline has passed, you won’t be able to get the lower rate.

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For more help on our mortgage products, visit our mortgages support page.

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For more information please email us at [email protected] or call us on 0800 028 3746.