Your Mortgage Deal Is Ending in 2026. Here Is What You Need to Do Next.

If your fixed-rate mortgage is due to end this year, you are far from alone. According to UK Finance[1] around 1.8 million fixed-rate mortgages are due to expire in 2026. That is a significant number of households all facing the same question at the same time: what do I do next?

The honest answer is that the right move depends on your individual circumstances. But the one thing that is true for almost everyone in this position is this: doing nothing is rarely the right answer, and leaving it too late will almost certainly cost you money.

What Happens If You Do Nothing?

When your fixed-rate deal ends and you have not arranged a new one, your mortgage automatically rolls onto your lender’s Standard Variable Rate, known as the SVR. This is the lender’s default rate, and it is almost always significantly higher than what you would pay on a new deal.

The difference between sitting on an SVR and securing a competitive new deal could be £300 to £400 per month. That is money leaving your account unnecessarily, every single month, for as long as you stay on the SVR.

This is the single most important reason to act early. Not because the market is about to change dramatically in one direction or another, but because the SVR is almost never the right place to be.

What Is the Market Doing Right Now?

The picture in 2026 is more complex than it has been in recent years. The Bank of England base rate currently stands at 4.50%, following a series of cuts through 2024 and early 2025. Markets are pricing in one further cut of 0.25% in August 2026, though this is not guaranteed. Meanwhile, UK CPI inflation rose to 3.3% in March 2026, according to the Office for National Statistics[2], and the Bank of England has signalled that inflation could rise further later in the year as the effects of higher energy prices feed through.

Fixed mortgage rates have been moving in recent weeks, with lenders adjusting their pricing in response to wider economic uncertainty. Whether rates continue in the same direction, stabilise, or shift again will depend on factors that are genuinely difficult to predict, including inflation trends, energy prices, and the Bank of England’s next moves on the base rate[3].

What this means in practice is that the ‘should I fix now or wait?’ question does not have a universal answer. It depends on when your deal ends, how much equity you have, what your financial plans look like, and how much payment uncertainty you are comfortable with. That is exactly the kind of conversation a mortgage adviser is there to help you work through.

What Are Your Options?

When your current deal ends, there are two main routes to consider.

Product Transfer With Your Existing Lender

A product transfer means switching to a new deal with the lender you are already with. It is often quicker and simpler than remortgaging, with less paperwork and no legal fees in most cases. Many lenders allow you to secure a new rate several months before your current deal ends, which means you could lock something in now and review it again closer to the time if rates shift.

The important thing to understand is that your lender’s retention offer is not necessarily their most competitive rate, and it is almost certainly not the best rate available across the market. Accepting it without checking what else is available could mean paying more than you need to.

Remortgaging to a New Lender

Remortgaging means moving your mortgage to a different lender entirely. It typically involves more process than a product transfer, including affordability checks and legal work, but it opens up a much wider range of products and rates. If your circumstances have changed since you last arranged your mortgage, or if you want to borrow more, change your term, or access equity, a full remortgage may be the more appropriate route.

Working with a mortgage adviser who works with a comprehensive panel of lenders means you get a proper view of what is available across the market, not just from the one lender you happen to already be with.

When Should You Start the Process?

The answer, in most cases, is six months before your current deal ends. Most lenders will allow you to secure a new mortgage offer up to six months in advance. This gives you a meaningful advantage: if rates fall between now and your completion date, you could typically switch to the lower rate without penalty. If rates rise, you are already protected.

If your deal ends later in 2026, starting the conversation now does not commit you to anything. It does mean you are prepared, you understand your options, and you are not making decisions under time pressure.

What Else Should You Be Thinking About?

A remortgage review is also a good moment to look at the bigger picture. Consider whether:

• Your circumstances have changed since you last arranged your mortgage. A new job, a change in income, a growing family, additional borrowing, or a house move all affect what may be suitable for you now
• You want the certainty of a fixed monthly payment, or whether some flexibility in your rate would suit you better
• You want to borrow more, for example for home improvements, and whether now is the right time to look at that alongside your remortgage
• Your protection arrangements still reflect your situation. If you are increasing your mortgage, extending your term, or taking on new financial commitments, it is worth checking whether your life cover, critical illness cover, and income protection are still appropriate

Do Not Leave It to the Last Minute

With 1.8 million fixed-rate deals expiring this year, a lot of borrowers will be looking at their options at the same time. Advisers are busy. Lenders are processing high volumes. Starting early means you have time to compare properly, think it through, and make a decision that suits your circumstances rather than one driven by a looming deadline.

If your mortgage deal is ending in 2026, whether that is in two months or six, now is the time to have the conversation. We work with a comprehensive panel of lenders and we do not charge a fee for our mortgage advice. Get in touch and we could look at what your options are.

Ready to review your mortgage? Book a free, no-obligation call with us today.