If your fixed rate mortgage is ending soon, you’re not alone—and you’re right to be asking, “What happens next?”. In Ireland, many homeowners took short, fixed mortgage terms (<5 years) in recent years. And now, as these fixed terms begin to expire, thousands are facing a possible rate hike.
In this guide, we’ll explain exactly what happens when your fixed rate mortgage ends, the risks of doing nothing, and how you can take control and possibly save thousands by locking in a better deal.
What happens when your fixed rate mortgage ends?
When your fixed term mortgage ends, you are faced with a new decision. If you do nothing, then you’ll typically be moved automatically onto your lender’s standard variable rate (SVR). And here’s the catch: that rate is usually much higher than your fixed rate was.
This means your monthly repayments can increase significantly—sometimes by hundreds of euros per month.
If your fixed rate is ending:
✅ You need to look at your options
❌ You should avoid doing nothing
🚨 Your repayments will likely go up if you do nothing
Not sure when your fixed rate ends? Here are a few pointers
If you’re unsure about the end date of your fixed-rate mortgage, there are a few signs that can help you figure it out:
📬 You receive a letter or email from your lender about your mortgage deal ending.
📆 You remember your deal was for less than 5 years, and you’re approaching that timeline.
📈 You notice your monthly payment has changed, or you’re informed it will soon.
It’s a good idea to start reviewing your options about six months before your fixed rate expires.
Why you should act before your fixed term mortgage ends
Doing nothing is easy—but costly. If you don’t make a move before your fixed-rate term ends, here’s what you could be facing:
❌ You’ll automatically move onto a higher variable interest rate
🔄 Your monthly repayments could increase substantially
📉 You’ll miss out on better deals available from other lenders
💸 You could pay more interest overall, which adds up fast
Taking action now means staying in control of your repayments and avoid nasty surprises—and potentially saving thousands over the lifetime of your mortgage.
What to do when your fixed rate mortgage is coming to an end
Don’t let your deal roll onto a higher variable rate. Follow these steps to stay in control and secure the best option for your future:
🕒 Start researching options early – Begin reviewing your options at least 6 months before your deal ends. This gives you plenty of time to make a smooth transition.
🤝 Talk to a mortgage advisor – A broker like MortgageLine can help you navigate the market and uncover deals you might not find on your own.
📊 Compare rates – Check what your current lender is offering, but don’t stop there. Other lenders might have more competitive rates or better terms.
🔄 Consider remortgaging or switching deals – Changing your mortgage deal could save you money or give you more flexibility.
🧾 Gather your documents – Lenders typically ask for recent payslips, bank statements, and your latest mortgage statement—having these to hand speeds things up.
Options available after your fixed rate mortgage ends
Once your fixed term finishes, your mortgage doesn’t just stop—but what you do next can have a big impact on your repayments. Here are your main options:
1. Stay with your current lender and choose a new rate
Your lender may offer you new fixed or variable rate options. This can be convenient—but not always the best value.
2. Switch to a new lender
Many lenders offer competitive rates to switchers, especially if you have good equity. Read more about how switching mortgage providers in Ireland is easy.
3. Do nothing
You’ll automatically move to your lender’s SVR. This rate is usually much higher, and your repayments will rise. We don’t recommend this unless you’re out of other options.
How to get the best deal before your fixed rate mortgage ends
As your fixed term nears its end, it’s the perfect time to reassess your options and make a smart move. Want to stay in control? Here are some tips to help you make the right move:
🔍 Check what your current lender is offering – Sometimes they have loyalty deals, but they may not be the best on the market.
📈 Think about your financial goals – Do you want flexibility? Are you planning home improvements?
🧠 Consult with a broker – A good broker will research the market and handle the paperwork.
🏡 Consider other lenders – Especially if you’re looking to borrow more or get a better rate. Learn more about the benefits of switching your mortgage.
Also read: is it worth switching mortgage lenders
MortgageLine can help you switch before your deal ends!
If you’re thinking, “My fixed term mortgage is ending—what now?” we’ve got your back.
At MortgageLine, we:
✅ Shop the entire Irish mortgage market to find the best deal for your next term
✅ Compare your current lender’s offer to new opportunities
✅ Handle the paperwork and process so you can relax
✅ Help you switch the mortgage to another bank if that saves you money
Whether your mortgage is ending in 3 months or 6, let’s get ahead of it—before the higher rates kick in.
👉 Ready to act? Learn how switching mortgage providers in Ireland is easy
FAQs
What happens after your fixed rate ends?
When your fixed rate ends, you’ll likely be moved to your lender’s standard variable rate unless you arrange a new deal in advance.
What happens if I don’t renew my mortgage?
You won’t lose your home, but you’ll probably pay more. Most lenders move you to a higher variable rate automatically.
Do you remortgage when fixed rate ends?
You can—but you don’t have to. Some people stick with their current lender and choose a new rate. Others choose to switch the mortgage to another bank for a better deal.
Final thoughts
Your fixed rate mortgage ending soon doesn’t have to mean financial stress. But it does mean it’s time to take action. Don’t settle for higher repayments—explore your options now and put yourself in the best position to manage your mortgage on your terms.
💬 Contact MortgageLine today for a free, no-obligation mortgage review. We’ll help you find your next great mortgage deal.
