If your fixed-rate mortgage is coming to an end this year, you are far from alone. Around 1.8 million fixed-rate deals are set to expire across the UK in
2026, meaning a huge number of homeowners are facing the same question right now; what do I do next?
The answer depends on your circumstances, but one thing is clear. Doing nothing is almost always the most expensive option.
WHAT HAPPENS IF YOU DO NOTHING
When a fixed-rate deal ends, your lender will automatically move you onto their Standard Variable Rate. SVRs are set by individual lenders and are typically significantly higher than any fixed or tracker deal available in the market. There is no benefit to being on an SVR unless you specifically need the flexibility it offers, and most people who drift onto one do so simply because they did not act in time.
WHERE RATES ARE RIGHT NOW
The Bank of England held the base rate at 3.75% in April 2026, the third consecutive meeting without a cut. Inflation fell to 2.8% in April 2026, helped by a reduction in the Ofgem energy price cap. However, that reduction was calculated before recent rises in global energy prices, and the cap is due to increase again in July. The Bank of England will be watching closely and further base rate cuts are far from certain in the near term. The next decision is due in June 2026.
Fixed mortgage rates are priced from swap rates rather than the base rate directly, which means they can move independently of the Bank’s decisions. Some lenders have already adjusted rates downward in anticipation of future cuts, but that picture can change quickly.
COMING OFF A FIVE-YEAR FIX TAKEN IN 2021
If you locked in a five-year deal around 2021 when rates were below 2%, your monthly payment is very likely to increase when you remortgage. That is simply the reality of where rates are today. Fixed rates did fall through 2025 into early 2026, with some deals briefly touching below 4%, but the conflict in the Middle East caused swap rates to rise sharply from March onwards. Average five-year fixed rates are currently sitting around 5.6%, though the best deals available to those with good equity are considerably lower. A broker can help you find the most competitive deal for your circumstances, but acting sooner rather than later is sensible given the uncertainty around where rates go next.
COMING OFF A TWO OR THREE-YEAR FIX TAKEN IN 2023 OR 2024
If you fixed in the aftermath of the 2022 mini-budget, rates at the time were often above 6%. Today’s market looks considerably more favourable in comparison, and there may be a real opportunity to reduce your monthly payment.
SHOULD YOU STICK WITH YOUR EXISTING LENDER
When your deal ends, the path of least resistance is to accept whatever your current lender offers you. No new application, no paperwork, just a quick switch. It feels easy, and these days the rate on offer is often genuinely competitive. Lenders know that keeping an existing customer is easier than winning a new one, so their product transfer rates have become much sharper than they used to be.
That said, some lenders are far better than others. A few offer their existing customers really strong retention rates, while others are less generous and rely on people simply accepting what they are given. You will not know which camp your lender falls into without comparing, which is why it is always worth exploring all the options rather than assuming. A whole-of-market broker can access that same product transfer rate alongside every other deal in the market, so you get a genuine comparison rather than a take-it-or-leave-it offer. Sometimes staying put is the right answer. Sometimes it is not. The only way to know is to look at both.
START EARLY, AND KEEP YOUR OPTIONS OPEN
Depending on the lender, you can usually lock in a new rate somewhere between three and six months before your current deal ends, with the new rate taking effect when your existing deal expires. In practice three to four months is the most common window, though some lenders will hold an offer for up to six. Starting early means you are not rushed into a decision at the last minute.
This is where a broker really adds value. We can reserve a rate on your behalf while your existing deal is still running. Think of it as a safety net, your worst-
case scenario locked in. If rates rise before your deal ends, you are already protected. Then we keep a close eye on the market, and if a better deal comes
along we can ditch and switch, moving you across to the lower rate before you complete. You get the security of having something in place, with the flexibility to move if the market improves.
Reserving a rate now does not mean you are stuck with it. That is the whole point and it takes the pressure off trying to time the market perfectly.
GETTING INDEPENDENT MORTGAGE ADVICE
Whether you stay with your current lender or move to a new one, speaking to a independent whole-of-market mortgage broker means you see every option available to you rather than just what one lender wants to offer. We have been helping clients in Dunblane, Glasgow and across Scotland and the UK, navigate the mortgage market since 2001 and remortgaging is one of the most common conversations we have.
AND IN MOST CASES, OUR ADVICE WON’T COST YOU A PENNY
A lot of people do not realise it, but for around 90% of the clients we help there is no fee for our service at all. We are paid by the lender when your
mortgage completes, which means you get whole-of-market advice, a reserved rate, ongoing monitoring and someone in your corner throughout, at no cost to you. In the small number of cases where a fee would apply, we will always tell you upfront before you commit to anything.
So with all that added value and for most people no cost attached, there really is no downside to having a conversation.
LET’S HAVE A CHAT
If your deal is ending this year, or you are not even sure when it ends, get in touch. It costs nothing to talk and it could save you a meaningful amount every single month.
Book a video call, give us a ring, or pop into our office in Dunblane or Glasgow for a chat over a coffee. We have been helping clients across Scotland and the UK with their mortgages since 2001, and we genuinely love what we do.
Email us below or book a meeting via the link above.
IMPORTANT INFORMATION
Your home may be repossessed if you do not keep up repayments on your mortgage. Mortgage Advice Brokerage is authorised and regulated by the Financial Conduct Authority (FCA no. 479200). The information contained in this article is for guidance purposes only and does not constitute advice. Your individual circumstances will affect which mortgage products are available to you.
