As your current mortgage term draws to a close, you’re faced with a crucial financial decision: do you let your lender automatically move you onto their standard variable rate (SVR), or do you explore the possibilities of remortgaging? While it might feel easier to let things roll on as they are, taking a proactive approach can save you a significant amount of money, especially in today’s dynamic lending environment. Understanding your options and acting at the right time could make all the difference to your monthly payments and long-term financial stability.

When your fixed or introductory mortgage deal ends, most lenders shift borrowers onto their SVR as it is a default rate set by the bank or building society. This move often happens automatically unless you make arrangements in advance. The SVR is almost always higher than the competitive rates offered through remortgaging, and, worse still, it can go up or down at your lender’s discretion. For many homeowners, this can mean a sudden jump in monthly repayments, with little warning or control as it drains the household budget.

So, why is the SVR so much more expensive? Lenders use their SVR as a fallback option, not as a reward for loyalty. These rates are typically not linked to the best deals in the market and are rarely competitive. For example, while you might have enjoyed a fixed rate of 3% to 4% during your initial term, SVRs can often be a full percentage point or even higher. Over the course of a year, that extra interest adds up, potentially costing you hundreds or thousands of dollars more. The convenience of sticking with your lender comes with a steep price tag.

The good news is that switching to a new mortgage deal, remortgaging, is easier than ever. The process, once seen as daunting and paperwork-heavy, has been streamlined thanks to online application systems and digital tools. Homeowners can now compare rates, complete applications, and even get approvals from the comfort of their own living rooms. In many cases, you can get an initial quote in minutes and a mortgage offer in just a few days. This digital shift means you don’t need to wait for an in-person meeting or sift through complicated forms to find a better deal.

One of the smartest moves you can make is to start your remortgage search with a reputable remortgage broker’s website. These platforms act as one-stop shops, giving you access to quotes from a wide range of lenders in one place. Instead of visiting multiple bank sites or filling out the same information over and over, you can let the broker’s system do the heavy lifting. Even better, brokers often have access to exclusive rates and deals not available directly to the public from lenders. This could mean even bigger savings on your new mortgage. Plus, brokers can guide you through the process, answering questions and helping you avoid common pitfalls.

Timing is especially important in today’s market. Key economic events, such as the upcoming November budget and the next inflation rate report, can influence lending conditions and mortgage rates. Lenders often react quickly to these announcements, sometimes withdrawing their best offers or adjusting rates in response to changes in the economic outlook. If you wait too long, you could miss out on the most attractive deals currently available. By starting your remortgage search early, you position yourself to lock in a competitive rate before the market shifts. It’s a smart way to safeguard your financial future and keep your monthly payments under control.

Letting your mortgage roll onto your lender’s SVR can be a costly mistake, but you’re not powerless. Remortgaging gives you the chance to secure a better deal, and doing so has never been quicker or more convenient. By using a broker’s website, you can access a broad range of quotes, including exclusive offers, and get expert support throughout the process. Keep an eye on upcoming market announcements, as they could affect rates and availability. Don’t wait for your lender to make the decision for you and instead take charge now and make the most of the opportunities available before they change. Your future self, and your future finances, will thank you.