You will then have to decide:
Re-fix: If you re-fix your loan, you’ll also need to decide how long you’re fixing it for – usually between one and five years.
Variable: If you prefer the variable rates on offer, you can opt to switch. A broker can often help you negotiate a lower variable rate than the ‘revert rate’ a lender will offer.
Refinance: If you have enough equity in your property, you may also be able to refinance with a new lender when your fixed term ends.
When your fixed term is nearing the end, the worst thing you can do is nothing.
Fixed-term home loans surged in popularity during the Covid pandemic as many lenders cut their fixed mortgage rates below 2%. But once those terms expire, some borrowers may be in for a shock as their home loans reset at a much higher interest rate.
When your fixed term is nearing its end, your lender and mortgage broker will usually contact you to let you know what your options are.
But, for now, you need to prepare yourself and I can help you with that!