If you took advantage of record low mortgage rates two years ago, you need to act fast to avoid a blow to your budget.
And with SVRs currently averaging 4.9% - a five-year high - many homeowners could see their mortgage bills jump by hundreds of pounds a month.
Which? explains what you can do if your fixed-rate period is expiring and offers advice on the cheapest remortgage deals currently available.
The exact amount your mortgage bill will rise depends on the rate you fixed it at and your lender's current SVR.
Below, we've modeled how much your bill could increase, based on the average rate of 2.31% from two years ago and today's average SVR of 4.9%.
|Original mortgage debt||Monthly payments now (2.31%)||Monthly payments in February (4.9%)||Rise in monthly payments||Total additional cost over 12 months|
Your provider should contact you to let you know you are about to revert onto the standard rate, but there's no need to wait around for this warning, as you can usually lock in a new deal six months in advance.
Once you know when your mortgage deal ends, you should see what rate your lender will offer you and shop around to compare deals from other providers.
Currently, the average two-year fixed rate mortgage is priced at 2.52%, so you may not be able to find a deal quite as cheap as your original loan.
Nonetheless, taking action to secure the best rate is crucial if you want to keep your mortgage payments manageable.