End of the fixed-rate period (konec fixace)
The day the agreed fixed-rate period ends and the bank starts charging a new rate. Under Act No. 257/2016 Coll. the bank must announce the new rate at least 3 months in advance. Between that notice and the end of the fixation you can repay any part of the loan without a fee. Otherwise you accept the bank's offer, negotiate a better rate or refinance with another bank. The steps are in what to do when your fixation ends.
Example
A CZK 4,000,000 mortgage over 25 years with a five-year fixation at 4.43 % had a payment of CZK 22,075. At the end of the fixation roughly CZK 3,510,000 remains, with 20 years to go. If the bank offers 5.00 %, the payment rises to CZK 23,166, an increase of CZK 1,091. At 5.80 % it would be CZK 24,745.
In practice
Do not accept the letter with the new rate automatically: the first offer tends to be higher than the retention rate the bank gives after some negotiation. Compare it with other banks' offers as soon as the letter arrives. Refinancing needs a new valuation and approval, so start in good time. The costly option is letting the loan slide quietly onto a rate the bank picked on its own.
How it differs
Refixation means agreeing a new rate with your existing bank, refinancing means moving to another. Both most often happen right at the end of a fixation. The contract anniversary is a different date: each year it lets you repay up to 25 % of the original loan amount without a fee, even while the fixation continues.
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