My TML Fixed Rate Is Ending. What Should I Do?

If you have just received a letter from The Mortgage Lender telling you your fixed rate is coming to an end, do not panic. But do act quickly. This guide walks you through your options, what happens if you do nothing, and how to make sure you do not end up paying more than you should.

First Things First: Why Has TML Written to You?

The Mortgage Lender is required to let you know when your mortgage deal is coming to an end. They will typically write to you at least one month before your fixed or tracker rate expires and point you towards a mortgage broker.

That is important because TML is an intermediary-only lender. You cannot call them up and sort out your mortgage directly. Everything has to go through an authorised mortgage broker. It is not a barrier; it just means you need someone like us in your corner.

Got the letter already? Give us a call on 0330 1330034, and we will get things moving straight away. The sooner you act, the more options you have.

What Actually Happens When Your TML Fixed Rate Ends?

If you do absolutely nothing when your TML fixed rate expires, your mortgage does not just sit there unchanged. TML will automatically move you onto their Standard Variable Rate, which they sometimes call the reversion rate.

The Standard Variable Rate is almost always significantly higher than the fixed rates TML offers. For many borrowers, this means a jump of hundreds of pounds a month on their repayments, often with no warning beyond that initial letter.

We regularly speak to landlords and homeowners who have been on the SVR for months without realising it. Some had been overpaying by over a thousand pounds a year. It is never too late to sort it out, but the sooner, the better.

Already on TML's SVR? Do not worry. We can still arrange a TML product transfer and get you onto a better rate. Get in touch, and we will take a look.

What Are My Options?

There are broadly three routes available to you when your TML deal ends.

Option one: Do a TML product transfer

A TML product transfer means staying with The Mortgage Lender but switching to a new rate. You are not changing lenders, not borrowing more money, and not going through a full mortgage application. It is designed precisely for this situation.

It is usually the quickest and simplest route. Most TML product transfers are sorted within a few working days, and there are no legal fees, no valuation costs and in most cases no affordability checks. TML already has all your details, so the process is much lighter than starting from scratch.

Because TML only works through brokers, you will still need us to arrange it. But we do this every week, and it will not cost you anything. You can read the full breakdown on our TML product transfer page.

Option two: Remortgage to a new lender

A full remortgage means moving your mortgage to a completely different lender. This gives you access to the whole market, which is over 100 lenders, so if another lender has a noticeably better rate or you want to release equity or borrow more, this can be worth doing.

It takes longer, though, usually four to eight weeks, and involves a solicitor, an affordability reassessment and potentially some fees. As a whole market broker, we compare both options honestly so you always know which one actually saves you more money.

Option three: Do nothing and roll onto the SVR

Technically, this is an option, but it is almost never the right one. The Standard Variable Rate at TML is typically significantly higher than any of the fixed rates available on a product transfer. Unless there is a very specific reason to stay on a variable-rate short-term, you will be paying more than you need to every single month.

When Should I Start?

As early as possible is the honest answer. Here is how the timing typically works.

• Six months before your deal ends, you can lock in a new TML rate this far in advance. The new deal does not kick in until your old one finishes, so you are not paying twice. This gives you the most time and the most choice.

• Within the last three months, most TML customers can switch during this window without paying an early repayment charge. If you have not started looking yet, now is definitely the time.

• One month out, TML writes to you around this point. If you are only just getting started, call us straight away, and we will move things along as quickly as possible.

• Deal expires. TML puts you on the Standard Variable Rate. You can still sort a better deal from here but you will have been overpaying in the meantime.

  
  

One thing to know: TML needs applications submitted by the close of business on the 19th of the month for the new rate to start on the 1st of the following month. We keep track of this for every client we work with, so nothing gets missed.

What if I am self-employed or My Income Has Changed?

This is one of the most common worries we hear. You got your TML mortgage when things were fairly straightforward on paper, but since then, your income has changed, your business has grown in a different direction, or your employment situation looks a bit different.

The good news is that a TML product transfer does not involve a new affordability assessment. Because you are not changing the amount you owe, TML does not need to re-examine your income or employment. Everything stays the same except the rate. This makes it particularly smooth for self-employed borrowers, contractors and people with variable income who might worry about whether a new lender would accept them.

TML built its name on flexible lending for people who do not fit the standard mould, so product transfers for clients in these situations are something we deal with all the time.

What About Buy to Let Mortgages?

Everything above applies just as much to buy-to-let mortgages with TML. TML is particularly popular with landlords and property investors, especially those with more complex portfolios or income arrangements.

A TML product transfer on a buy-to-let mortgage does not require a rental income reassessment or a new stress test. It is a straightforward rate switch, and we take care of everything on your behalf. If you have a limited company buy-to-let or an HMO mortgage with TML, the same applies. Get in touch, and we will confirm your options.

How We Help TML Customers

We are a whole-of-market mortgage broker based in Oxfordshire, and we arrange TML product transfers for clients all over the UK every week. We know TML's process, their broker portal and their deadlines inside out.

• We check your current TML deal, when it ends and whether any early repayment charges apply

• We compare TML's available rates against the whole market, so you know you are not missing out

• We tell you whether a product transfer or a full remortgage makes more sense for your situation

• We submit everything to TML on your behalf and keep you updated throughout

• We time the new rate to start the day your old deal finishes, so there is no gap and no time on the higher rate

• No broker fee for TML product transfers. We are paid a procuration fee by the lender.

We help clients in Oxford, Bicester, Banbury and right across the UK. Wherever you are based, we can help.

Worth Checking at the Same Time

When you switch your mortgage rate, it is a good time to check that your protection still makes sense, too. A lot of people set up their life insurance, critical illness cover or income protection when they first took out the mortgage and have not looked at it since. Circumstances change, and it is worth making sure your cover still reflects your situation. We can help with this, too.

To Summarise

If your TML fixed rate is ending, here are the key things to take away.

• Do not wait for the Standard Variable Rate to kick in. It will cost you more.

• You cannot contact TML directly. All product transfers go through a broker

• A product transfer is usually the quickest and easiest option if you are not looking to change your mortgage

• You can lock in a new rate up to six months before your deal ends

• We do TML product transfers for free right across the UK

If you want to talk it through, give us a call on 0330 1330034. You can also read everything about the process on our TML product transfer page, and if you have a Birmingham Midshires mortgage too, our BM Solutions page covers the same ground for that lender. You can also find answers to common questions on our mortgage FAQs page.