Chapter 3 of 10 · Rates, lenders and switching · 10 of 10
Your fixed rate is ending: the three options before you roll to variable
Checked 21 Oct 2026the Central Bank's mortgage measures, Revenue's rules and the scheme operators' published terms.
Your fixed rate is ending: refix with your lender, switch, or go variable. Dates to watch, letters to expect and how to compare in time.
Written in plain English for the person buying, selling or switching. This guide covers the Republic of Ireland only.
A fixed rate lasts for a set number of years. When it ends, your mortgage does not end with it. The loan moves to a new rate, and the one it moves to by default is often the most expensive. This guide explains the three options, the letters to expect, the dates to watch, and how to compare in time.
What happens on the day
On the day after your fixed period ends, your rate changes. If you have done nothing, the loan moves to your lender's standard variable rate. That is the default in every Irish loan offer. See the glossary for the terms used here.
In August 2026 the Central Bank's average new variable rate was 4.16%, against 3.49% for new fixed rates. On €280,000 with 25 years left, that gap is about €103 a month, or about €1,240 a year.
Nothing stops you moving off the variable rate later. But every month on it costs you the gap.
The letters to expect
Under the Consumer Protection Code, your lender must write to you before the fixed period ends. The letter sets out:
- The date the fixed period ends.
- The rate the loan moves to if you do nothing, and the new monthly payment.
- The other rates you can choose from, with the payment at each.
- Since 24 March 2026, under the Consumer Protection Code 2025, what you could save by moving to a lower rate it offers.
The letter usually arrives a couple of months before the date. Read it when it comes, and put the end date in our fixed rate reminder. The tool emails you 90 and 30 days before, with the checklist below. We keep your email address and one date, nothing else. Our changes page logs the 2026 rule.
The three options
1. Refix with your own lender
Your lender offers you its current fixed rates for existing customers. You pick a period, sign a form, and the new rate starts the day the old one ends. There is no solicitor, no valuation and no fee.
The rates for existing customers can differ from the rates for new customers. Compare the letter with our rates comparison, which lists each lender's rates and links to the CCPC's official comparison. Those rates are indicative until the weekly check replaces them.
2. Switch to another lender
Another lender may offer a lower rate, cashback or a legal contribution. A switch needs a solicitor (check the Law Society's register), a valuation and a new loan offer, and takes 6 to 10 weeks. See what a conveyancing solicitor does.
Switching is outside the Central Bank's lending limits, so the income rules do not apply. The new lender still checks affordability. Our switching guide sets out the nine steps, and our cost of switching guide lists the costs.
3. Move to the variable rate
The variable rate has no breakage fee and no overpayment limit. It suits a short spell: if you plan to sell within months, to clear the loan with a lump sum, or to switch soon and want no fee in the meantime. It is usually the highest rate on offer, so it is rarely the place to stay.
Comparing the three
| Refix with your lender | Switch lender | Variable rate | |
|---|---|---|---|
| Time needed | Days | 6 to 10 weeks | None |
| Costs | None | Solicitor, valuation, outlays | None |
| Contributions | Rarely | Cashback or legal contribution, often | None |
| Certainty | Fixed for the period | Fixed for the period | None |
| Overpaying | Usually 10% a year without a fee | Usually 10% a year without a fee | No limit |
| Leaving early | Breakage fee can apply | Breakage fee can apply | No fee |
Our switching calculator sets a switch against refixing after every cost. Our guide on fixed or variable covers the choice between a fixed and a variable rate.
The dates to watch
Work back from the end date.
| When | What to do |
|---|---|
| 90 days before | Get the balance, the end date and the rates from your lender; check your home's BER for a green rate; compare rates |
| 60 to 90 days before | If switching, apply to the new lender and instruct a solicitor |
| 30 days before | If refixing, return the signed form; if switching, chase the loan offer and the redemption figure |
| The end date | The new rate starts; check the first payment on the new rate |
If you switch and the new loan is not ready by the end date, your loan sits on the variable rate for the gap. That is a few weeks' cost, not a disaster. Ask the old lender whether it can hold the fixed rate for a short period; some do.
Ending the fixed period early
You can act before the end date, but a breakage fee can apply. The fee is worked out from the lender's cost of funds under the Consumer Credit Act 1995. It is often zero when market rates have risen since you fixed, and can be large when they have fallen. Ask for the figure in writing. Many lenders let you choose a new rate in the last weeks of the period with no fee, so the new rate starts on the day the old one ends.
The checklist
- The end date, in your calendar and in the reminder tool.
- The balance and the years left, from your statement.
- Your home's BER, for a green rate if it is B3 or better.
- The letter from your lender, with its rates and the saving it must show.
- The rates from other lenders, from the comparison page.
- The costs of a switch, if you are considering one.
- A decision at least 30 days before the date.
Where this leaves you
Put your end date into the fixed rate reminder now, so the 90-day email arrives in time. When it does, compare your lender's letter with the rates on offer and decide between the three options. The switching journey takes you through a switch if that is the one you choose.
Questions people ask
What happens when my fixed rate mortgage ends?
If you do nothing, the loan moves to your lender's variable rate on the day after the fixed period ends. Before that, your lender must write to you with your options and what you could save on a lower rate it offers.
How long before my fixed rate ends should I start looking?
About three months. A switch to another lender takes 6 to 10 weeks, and refixing with your own lender takes a few days. Our reminder tool emails you 90 and 30 days before the date.
Can I refix with my current lender?
Yes. Your lender offers you its current fixed rates for existing customers, and you choose one by signing a form. There is no solicitor, no valuation and no breakage fee at the end of the period.
Is it bad to roll onto a variable rate?
It is not wrong, but it is often the dearest option. In August 2026 the average new variable rate was 4.16% against 3.49% for fixed. A variable rate has no breakage fee and no overpayment limit, which suits some people for a short time.
Can I switch before my fixed rate ends?
Yes, but a breakage fee can apply. Ask your lender for the figure in writing. Many lenders let you apply for a new rate in the last weeks of the period so the new one starts the day the old one ends.