Mortgage rate switch
A rate switch, or product transfer, moves your mortgage onto a new deal with the lender you already have. Same lender, same loan, new rate. We check that deal against 110+ lenders first, so you know it is the right move rather than just the easy one.
When a fixed or tracker deal ends, most lenders move you onto their standard variable rate (SVR). It is usually well above their fixed rates and can change at any time. A rate switch avoids that by putting you on a new product before, or soon after, the old one finishes.
Your lender will often offer a switch online. What that offer does not show you is whether another lender would do better. That is the part we add, as a fee-free, Birmingham-based broker that is not tied to any lender.
A rate switch is worth a look if
- Your fixed or tracker deal ends in the next six months
- You are already paying your lender's SVR
- You don't need to borrow more or change the term
- Your income, credit record or home's value has changed since you took the mortgage
- You want a second opinion on your lender's offer before you accept it
7.13%
Average standard variable rate (Moneyfacts, start of August 2026)
5.73%
Average two-year fixed rate (Moneyfacts, 15 September 2026)
5.78%
Average five-year fixed rate (Moneyfacts, 15 September 2026)
3.75%
Bank of England Bank Rate, held on 17 September 2026
Why switching your mortgage rate matters now
The gap between the average SVR and the average fixed rate is wide. On a £200,000 repayment mortgage over 25 years, that gap is worth around £174 a month, or roughly £2,090 a year.
| Rate | Illustrative monthly payment | Difference vs SVR |
|---|---|---|
| Average SVR, 7.13% | £1,430 | – |
| Average two-year fix, 5.73% | £1,256 | £174 a month less |
| Average five-year fix, 5.78% | £1,262 | £168 a month less |
Illustrative only: a £200,000 repayment mortgage over 25 years at the average rates above. Your own rate, balance and term will differ, and product fees are not included.
Bank Rate is only part of the picture. Fixed rates follow what markets expect rates to do over the next few years, which is why they can move even when the Bank of England holds. Our guide to current UK mortgage rates explains what is driving them, and how long to fix for covers the two-year versus five-year choice.
Product transfer vs remortgage
Both get you off the SVR. The difference is whether you stay with your lender or move to a new one.
| Rate switch (product transfer) | Remortgage to a new lender | |
|---|---|---|
| Credit check | Often none, if you are not borrowing more | Yes, with a full affordability assessment |
| Valuation | Usually none | Yes, often an automated valuation, and usually free |
| Legal work | Usually none | Yes, though many deals include free legal work |
| Speed | Often days | Typically several weeks |
| Fees | Product fee on some deals | Product fee on some deals, plus any costs not covered by the lender |
| Choice of deals | Your current lender's range only | The whole market we can access |
| Borrowing more | Sometimes, as a separate further advance with full checks | Yes, subject to affordability and the property's value |
A rate switch tends to suit people whose circumstances have become harder to lend on, because there is often no fresh assessment. A remortgage tends to suit people who want to borrow more, change the shape of their mortgage, or who can simply get a better rate elsewhere. If that sounds like you, see our remortgage service.
When can I switch my mortgage rate?
With many lenders you can secure a new deal up to around six months before your current one ends, and it starts when the old one finishes. Windows vary, so check your lender's letter or ask us. Our fixed-rate cliff guide sets out a timeline.
You can switch earlier, but most fixed and tracker deals carry an early repayment charge (ERC) until they end, often a percentage of the balance. Occasionally the saving still outweighs it. We work out the numbers before recommending that.
How to switch mortgage rates with us
- Tell us about your mortgageBalance, current rate, end date, and any offer your lender has sent.
- We search 110+ lendersWe compare your lender's switch deals with remortgage options, allowing for fees and any ERC.
- You get a clear recommendationStay and switch, or move lender, with the cost of each set out in writing.
- We arrange itWe submit the product transfer or the application and keep track of it until the new rate starts.
Can a broker help with a product transfer?
Yes. Many lenders let brokers arrange product transfers for their existing customers, often with the same rates you would see by going direct. Going through us costs you nothing extra, and you get the comparison with the rest of the market alongside it. If your lender only offers a particular deal directly, we will tell you.
Do I have to pay to switch?
We don't charge a broker fee. Some lender deals do carry a product fee, which can often be added to the loan, although you would then pay interest on it. A lower rate with a big fee is not always cheaper than a slightly higher rate with none, so we compare the total cost over the deal period. An ERC applies only if you leave your current deal before it ends.
Rate figures are market averages from Moneyfacts and the Bank of England on the dates shown. They are not offers, and the rate you are offered will depend on your circumstances, the loan-to-value and lender criteria.
Is a rate switch the same as a product transfer?
Yes. Lenders use "product transfer", "rate switch" and "switching deals" to mean the same thing: moving to a new product with your existing lender without changing the loan itself.
Will my lender switch me automatically when my deal ends?
Usually not. Most lenders move you onto their SVR unless you choose a new deal. They will normally write to you a few months before, and that letter is a good moment to call us.
Is my lender's switch deal always the cheapest option?
Not always. It is quicker and simpler, but it only covers one lender's range. Sometimes it is the best available, sometimes another lender beats it once fees are counted. Comparing is the only way to know.
Can I switch rates if my circumstances have changed?
Often, yes. If you are up to date with payments and not borrowing more, many lenders offer a switch without reassessing affordability. That can help if your income has dropped or your credit record has taken a knock, when a new lender might say no.
Can I switch to a new rate if I'm already on the SVR?
Yes. SVRs don't usually carry an early repayment charge, so you can normally move to a new deal whenever you are ready. The sooner you do, the sooner the lower payment starts.