Your buy-to-let fixed rate is ending. Here is what to do.
On the day your deal ends the lender moves you to its standard variable rate, which for buy-to-let is often 8% to 9%. On a £200,000 interest-only loan that is a jump of hundreds of pounds a month. The fix is easy if you start early.
What happens on the day
Nothing dramatic, which is the problem. The lender moves you onto its standard variable rate (SVR) or "reversion rate" and takes the higher payment by direct debit. There is no letter asking you to do anything. Plenty of landlords are on the SVR for months before they notice, and some stay there for years.
What drifting costs: £200,000 interest-only
| Rate | Monthly interest | Over a year |
|---|---|---|
| Old 5-year fix at 3.49% | £582 | £6,980 |
| Lender's SVR at 8.49% | £1,415 | £16,980 |
| New 5-year fix at 4.99% (with a 3% fee) | £832 | £9,980 + £6,000 fee |
Even after a large fee, the new deal is £7,000 a year better than the SVR. Every month on the SVR is roughly £580 you did not need to spend.
The six-month window
Most lenders let you lock in a new rate up to six months before your current deal ends, both for a product transfer and for a remortgage elsewhere. That means:
- Start looking six months out. If rates fall before you complete, many lenders let you switch to the lower rate before the new deal starts; ask the broker.
- Time completion for the day after the current deal ends, so there is no early repayment charge and no gap on the SVR.
- Do not wait for the lender's letter. Some send one at three months, some at one.
Your three options
| Option | Good | Less good |
|---|---|---|
| Product transfer with your current lender | Quick, no valuation, no legal work, no new affordability test with most lenders | Often not the cheapest. The lender knows moving is a hassle and prices accordingly |
| Remortgage to a new lender | Whole market, the best rate for your rent and loan size, a chance to borrow more | Four to eight weeks, full application, valuation, legal work (often free) |
| Stay on the SVR | Flexible: no early repayment charge if you plan to sell within months | Expensive. Only sensible for a short, deliberate period |
A broker gets the product transfer figure from your lender and compares it against the market in one conversation. Product transfer vs remortgage goes deeper.
If the deal ended a while ago
You are on the SVR now and every month costs money. There is no penalty for leaving an SVR, so a product transfer can be done in days and a remortgage started today. Do not wait for a better time; the better time was six months ago and the next best time is now.
If the rent no longer covers the new stress test
Rates are higher than when many landlords last fixed, and the stress test can mean the rent no longer supports the loan you have. Options: a five-year fix (stressed at the pay rate, so more generous), a lender that top-slices with your personal income, reducing the loan with savings, or a product transfer, which most lenders allow without re-testing affordability. A broker will know which applies. The sums.
A note on the numbers. Rental cover ratios, stress rates, loan-to-value limits and fees are typical of the market at the time of writing (2026) and differ from lender to lender. Tax rules are for individuals and companies resident in the UK and change with each Budget. This is general information, not advice: a broker will tell you what applies to your property, and an accountant what applies to your tax.
Common questions
Can I fix a new rate before my current deal ends?
Yes, usually up to six months ahead, with the new deal starting the day the old one ends. It is the normal way to do it.
Will I pay an early repayment charge?
Not if the new deal starts on or after the day your current deal ends. Complete a day early and you can be charged a percentage of the whole loan, so the broker and solicitor time it carefully.
My lender has sent me a product transfer offer. Should I just take it?
Get it compared first. It takes a broker a day and it is free. Sometimes the product transfer wins; often a new lender is cheaper even after fees.
Your deal is ending. Let's get a broker on it.
Two minutes of questions about the property. We match you with a buy-to-let specialist who calls you back, usually within one working day. Free, no obligation.