Life gets busy.
A letter arrives, you mean to deal with it, and then somehow three months pass.
When it comes to your mortgage deal ending, that delay can be surprisingly expensive.
If your fixed rate has ended and you haven’t switched to a new deal, there’s a good chance you’ve rolled onto what’s called a Standard Variable Rate (your lender’s default rate) which they set themselves and can change whenever they like.
As of May 2026, the average SVR sits at around 7–8%, depending on the lender. The average five-year fixed rate, by comparison, is currently around 5.70%.
On a £200,000 mortgage, that could mean around £175–£300 more each month, depending on your term and lender. Not because your circumstances changed… just because the clock ran out and nothing was done.
Why Does This Happen?
Lenders usually write to borrowers before a deal ends, but the reminder can be easy to miss, misunderstand, or put aside.
The problem is that the SVR isn’t designed to be competitive. It’s essentially the rate you end up on when you’re not paying attention. Lenders know that many people stay on it longer than they should, and they price it accordingly.
What If You’ve Already Missed It?
The good news is that it’s rarely too late to act. You can remortgage at almost any point, even if you’re already sitting on the SVR. There’s no penalty for leaving it once your initial deal has ended, unlike breaking a fixed term early, which can come with early repayment charges.
The sooner you move, the sooner you stop overpaying.
Even if rates aren’t where you’d like them to be right now, securing a new fixed deal at 5.70% is still meaningfully cheaper than sitting on an SVR approaching 8%.
What About the Future?
The Bank of England base rate is currently 3.75%, but rising inflation and global events could lead to higher mortgage rates in the short term. While there is some uncertainty, staying on your lender’s Standard Variable Rate (SVR) and waiting for the “perfect” deal can often cost more in the long run, as the higher monthly payments may outweigh any future savings.
What Should You Do Now?
If you’re not sure what rate you’re currently on, check your last mortgage statement or log into your lender’s online account.
If you see “standard variable rate” or “revert rate” anywhere, it’s worth having a conversation sooner rather than later.
We work with clients at every stage of the remortgage process, whether you’ve just missed your date or you’ve been on the SVR for a while without realising it.
📞 Call 020 8366 4400 or 📧 email enquiries@cedarhfs.co.uk to find out where you stand.