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If your fixed or tracker deal is ending and you cannot remortgage, either with your existing lender or elsewhere, you will usually move onto your lender’s standard variable rate (SVR), which is normally higher than the rate you were paying. This is not the end of your options, but it does mean acting quickly and understanding exactly why a remortgage is not currently working for you.
Being unable to remortgage when a deal ends is more common than people expect, particularly with adverse credit, a change in income, or simply because lending criteria have tightened generally. It does not necessarily mean you are stuck on a high rate permanently.
What happens the day your deal ends
If nothing else is arranged, most mortgages automatically move to the lender’s standard variable rate once a fixed or tracker deal finishes. There is no gap in your mortgage and no immediate risk to your home simply because the deal has ended, but your monthly payment is likely to rise, sometimes significantly, so it is worth checking the new rate and payment as soon as you know your deal is coming to an end.
Why a remortgage might not be possible right now
There are several common reasons a remortgage does not go ahead when a deal ends:
- Adverse credit. A CCJ, default, missed payment or mortgage arrears since your last mortgage was arranged can narrow the choice of lenders.
- Affordability. Higher interest rates generally, or a change in your income or outgoings, can mean you no longer pass a lender’s affordability assessment at the amount you need.
- Falling property value. If a valuation comes in lower than expected, your loan to value can rise, which may limit your options. See what to do if your remortgage valuation comes in low.
- Your lender is inactive or unregulated for new lending. Some lenders no longer offer new mortgages, even to existing customers, which can leave you unable to switch internally.
- A previous application was declined. If you have already tried and been turned down, read what to do if your remortgage is declined for the next steps.
Whatever the reason, it helps to find out exactly why a remortgage did not go ahead rather than assuming the answer. A broker or your existing lender can usually tell you which specific issue applied, which makes it much easier to work out whether it can be resolved and how long that might take.
What you can still do
- Ask your existing lender about a product transfer. Where you are not borrowing more, FCA rules allow lenders to offer existing customers a new deal without a full affordability assessment, so this can sometimes work even where a full remortgage elsewhere would not. See product transfers with bad credit.
- Speak to a broker who specialises in adverse credit. Some lenders take a broader view of credit history than others, and a broker can help identify which ones might consider your situation.
- Check your options a few months ahead, rather than waiting until your deal has already ended, since many lenders let you arrange a new deal in advance.
- Get free debt advice if the issue is affordability generally, rather than credit history specifically, since a wider budget review might reveal other options.
| Situation | Option worth exploring |
|---|---|
| Adverse credit is the main issue | Product transfer with existing lender, or a broker used to bad credit remortgages |
| Affordability has tightened | Review the whole budget, consider a longer term, get free advice |
| Property value has fallen | Wait if possible, get a second valuation, or reduce borrowing needed |
| Lender no longer offers new lending | Ask specifically about internal switching options, or look elsewhere |
This table sets out general starting points. Your own situation, and each lender’s criteria, will decide what is realistically available.
Weigh up the cost of waiting
Staying on a standard variable rate while you sort out a remortgage is not necessarily a crisis, but it is usually more expensive than a new deal, so it is worth understanding roughly how much more you are paying each month and for how long you expect that to continue. If the gap looks likely to run for many months rather than weeks, it becomes more important to resolve whatever is blocking a remortgage, whether that is credit history, affordability or a lender issue, rather than simply waiting it out on the higher rate.
Could you become a mortgage prisoner?
If you are on your lender’s SVR and cannot switch anywhere, either internally or with a new lender, you may be in the position sometimes described as a mortgage prisoner. This is more common where a mortgage sits with a lender that is no longer actively lending, or where affordability rules mean a new application would not be approved even though you have kept up your existing payments. Rule changes since 2019 have made it easier for some borrowers in this position to switch, so it is worth checking whether they apply to you.
What to do next
Start by asking your current lender directly what options it has for you, including a product transfer, before assuming you have to find a new lender elsewhere. If adverse credit is part of the picture, our hub pages on remortgaging with a low credit score and remortgaging with mortgage arrears set out how lenders generally view different situations.
If you are struggling to afford payments at all, rather than only struggling to remortgage, read what to do if you can’t pay your mortgage, and get free advice from MoneyHelper, StepChange or National Debtline before your situation becomes harder to manage.
Frequently asked questions
What happens if I don't remortgage before my deal ends?
Your mortgage will usually move automatically to your lender's standard variable rate, which is normally higher than the rate you were paying. There's no gap in your mortgage and no immediate risk to your home simply because the deal has ended, but your monthly payment is likely to rise, sometimes significantly.
Can I still get a deal with my existing lender if I'm declined elsewhere?
Often, yes. Where you're not borrowing more, FCA rules allow lenders to offer existing customers a product transfer without a full affordability assessment, though the lender can still decide what it is willing to offer someone with adverse credit or arrears. See product transfers with bad credit for how this generally works.
Why would a remortgage be declined when my current deal is ending?
Common reasons include adverse credit that has built up since your last mortgage, a change in your income or affordability, a lower than expected valuation, or your existing lender no longer offering new lending at all. See what to do if your remortgage is declined for the next steps to take.
Am I a mortgage prisoner if I can't remortgage?
Possibly, if you're up to date with your payments but genuinely cannot switch anywhere, often because your lender no longer actively lends or your mortgage is held by an unregulated entity. See what is a mortgage prisoner for how this is defined and the rule changes that may help.
How early should I start looking at remortgaging?
Many lenders let you arrange a new deal a few months before your current one ends, often 3 to 6 months ahead depending on the lender. Starting early gives you more time to resolve any issues if a remortgage doesn't go through first time.