Five Years On from COVID: Is Your Fixed Rate Mortgage Ending This Year?

If you’re looking to remortgage in 2025, you’re not alone. For many homeowners, this marks a significant financial turning point, as you most likely secured a low-rate fixed mortgage during the COVID-era, and that deal may be expiring soon. Unfortunately, interest rates have risen significantly since then, which means your repayments could be increasing.

At Kingsbridge Mortgage Advice, we understand how unsettling this shift can feel. But don’t panic, you’re not powerless and you’re not alone! With expert guidance and early preparation, you can take control of your mortgage future, so it works for you, your circumstances and your long-term plans.

If your mortgage deal was locked in around 2020–2021, it likely benefited from some of the lowest fixed interest rates in UK history. However, five years on, those deals are expiring, and many homeowners are now facing rate hikes they hadn’t budgeted for.

We can’t offer generalised advice, as everyone’s situation is unique. But we can help you navigate your remortgage options with personal, tailored recommendations. We’ve seen this all before, and our specialist advisors are here to help you before your repayments rise.

When your fixed term ends, your mortgage usually rolls over to your lender’s Standard Variable Rate (SVR). This may seem like a simple, hassle-free option, yet SVRs are typically much higher than other available deals, and the rates can change at any time.

Rather than waiting to be caught out by a sharp rise, a little preparation will get ahead of the curve.

First Step: Create a Budget Buffer

Before your fixed rate ends, it’s wise to forecast what your new repayments could look like. We can help you:

• Calculate how rate changes affect your monthly budget
• Identify ways to absorb the increase by reviewing non-essential costs
• Explore refinancing options that may soften the financial impact

This preparation can give you a little breathing room and peace of mind.

Fixed Rate vs Variable Rate Mortgages: What’s Right for You?

If you’re considering remortgaging, you’ll likely be choosing between a fixed or variable rate. Here’s how they compare:

Fixed Rate Mortgages:

• Your repayments stay the same throughout the fixed term (normally 2 or 5 years).
• You’re protected from rising interest rates, but won’t benefit if rates fall.
• Fixed rates can be slightly higher initially, but offer predictability and stability for the term.
• Often have fewer flexible features like redraw or extra repayment options.
• Early exit fees can apply if you need to break the fixed term.

Variable Rate Mortgages:

• Often start with lower rates than fixed deals.
• Your repayments can go up or down, depending on market changes.
• Typically come with more flexibility (e.g. redraw, offset accounts, extra repayments).
• You benefit from any rate cuts, but there’s also more uncertainty as rates could rise.
• Harder to budget around if you’re on a tight income or fixed expenses.

Remortgaging isn’t just about finding the lowest rate, it’s about finding the right solution for your life, income, and goals. At Kingsbridge Mortgage Advice, we take our time to get to know you and find out all about your circumstances so we can offer:

• Real personalised advice based on your financial picture
• Access to exclusive rates and products not found on typical comparison sites
• Guidance through the application and refinancing process
• Support to plan ahead and avoid future mortgage stress

We take the time to understand your situation and give you options you may not even know existed.

If your fixed term is ending soon, or if you’re unsure what type of mortgage suits your current lifestyle, we’re here to help. Don’t wait until you’re hit with a shockingly high repayment. Get expert, local advice from people who know how to navigate the post-COVID market.

Contact Kingsbridge Mortgage Advice today for a no-obligation chat.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.