A fixed-rate mortgage is typically for two or five years. After the deal term ends you will be automatically moved on to the lender’s standard variable rate (SVR). This will usually be a higher rate than your fixed rate deal so if you do nothing your monthly repayments will rise. To avoid this, as you near the end of your fixed-rate deal, it’s wise to shop around for a new mortgage deal. You can agree it in advance and time it to start when your current fixed-rate ends.