1.8 Million Fixed-Rate Mortgage Deals Expected To End In 2026: What Homeowners Need To Know
By Sam Kirtikar, CEO of The Mortgage Broker
If your fixed-rate mortgage ends this year, the lender may already have provided a renewal offer and the new payment might be higher than expected. In fact, it could be a real shock. Even if the payment looks manageable, the question remains whether to accept or look elsewhere across the wider market and all the available options.
Fixed-rate mortgage holders may have checked rates online and found it hard to compare fees and may be hoping rates will fall before decision time. It is important to understand total costs, and it helps to have figures clear before judging the market.
Around 1.8 million fixed‑rate mortgage deals were expected to end in 2026 according to UK Finance. If your fixed-rate mortgage is one of them, you will probably be looking at rates first. What you can comfortably pay each month matters too, especially if circumstances have changed since the mortgage was taken out. We will also need to discuss any plans you have, your bespoke circumstances and whether or not you are looking to move.
Start by finding your fixed-rate end date, the new rate your lender says will follow if you move onto their standard variable rate, and any new deal it has offered for you to lock in. With those details, you can begin to compare remortgage options and work out what needs attention.
What happens when my fixed-rate mortgage ends?
When your fixed-rate deal ends, you continue repaying the mortgage. If no new deal is arranged, it usually moves to the rate specified in the mortgage agreement. For many, that is the lender’s standard variable rate (SVR).
If that rate is higher than the rate being paid, the monthly payment could go up. The SVR can rise or fall while you are on it, so your payment could change again later. Check your mortgage agreement or renewal letter for the rate you will move to and the date it takes effect.
You do not need to wait until your fixed-rate deal ends to speak to us about your next deal and you should get ahead of this with plenty of time to spare. We can start the ball rolling from 7 months prior to your fixed rate ending, and can go through the options beforehand, including the cost of leaving your current deal early. If an early repayment charge applies, we will check when it ends before agreeing a date for the switch.
The key is to try and prepare early, monitor the rates and lock in when the right product is available. In the time between speaking to a mortgage broker and your fixed rate ending, you can always move to a lower rate should one become available. Therefore, it is always best to start early.
What we are seeing from homeowners in 2026
Many homeowners come to us having done research, having looked at rates, tried mortgage calculators and sometimes asked AI to explain options. Some have already submitted an application by the time we speak. We welcome that preparation, although we still need to go through the details with them and often the true picture of what is available is very different to what some search platforms tell them.
The lender’s renewal offer comes up in conversation regularly with many customers assuming this is the deal they must take. Whilst it might be suitable, it is important to properly research this before recommending that the customer accepts it. That means looking at terms, the true total cost of the mortgage and comparing any alternatives across the 25,000 mortgage products available in the market. Lenders may offer a handful of options directly, and it is really beneficial to compare all the options, especially when asking what might change for the customer over the next few years.
We also hear from homeowners who have been turned down online or by a high street lender and think that is the end of their remortgage options. Our first job is to understand the application: what information went in, which lender considered it, and why it was declined. Until we have worked through that, we cannot judge whether another application is worth pursuing. However, there are many customers who can get a more suitable option, but just didn’t know that option was available.
Others have an idea of what they want before contacting us. They may have chosen a fixed period or decided how they want to repay their mortgage. We talk that through alongside their income, other borrowing and plans. Again, sometimes we stay with their research and it has been done well, but more often than not, something comes up that alters the most suitable solution. Either an alternative lender that wasn’t directly accessible, new criteria, or anything that our clients don’t realise is a factor. This can be positive with many lenders offering schemes or supporting certain types of applicants with beneficial criteria.
Keeping payments affordable is a recurring concern, especially when other household bills have gone up. We also speak to people who have room in their budget and want to pay their mortgage off sooner. Those conversations tell you what you need to look for when comparing deals.
This is what we are hearing in customer conversations in 2026. Keeping up with payments is a recurring concern in this market and we want customers to be clear about what they will be paying and how much room that leaves for everything else.
When should you start looking at your remortgage?
Around six to seven months before your fixed-rate deal ends is a useful time to start a remortgage review. This gives you time to compare your lender’s offer, check what other lenders might offer and find out which documents an application needs.
If your income has changed or something on your credit file needs explaining, an early conversation is very useful so we can prepare long before the fixed end date. You can answer questions while there is still time, and we can present the facts in the application to suit the most appropriate lender.
When you talk to your lender or adviser, tell them straight away if your fixed-rate deal ends soon. Give them the end date, your mortgage details, and any renewal offer you have received. They can then work according to your timeframes when arranging a new mortgage deal.
How early can you remortgage?
You can research whenever you like and you can lock in a new mortgage rate as early as 6 months before your fixed rate ends. Applying for a product or securing an offer depends on the lender’s booking window and how long the offer will stay valid.
New rates can be locked in and monitored right up to the renewal date. However, if you are on a higher rate already, it could be beneficial to weigh up the total costs and consider whether to pay an early repayment charge, if the overall solution is either more cost-effective or beneficial for other reasons that fit the circumstance.
If your lender has signed up to the Mortgage Charter and you are eligible, you may lock your deal up to six months before your current one ends. Check with your lender because the booking window can vary. If a better like-for-like deal becomes available after you reserve one, you can ask to switch to it. Under the Charter, the rate must be finalised two weeks before the new deal starts.
If you are moving to another lender, check how long the mortgage offer will last. Ask whether you can change products before completion and what the cost would be, if any. You will also need to confirm when any early repayment charge on your mortgage ends before deciding on a switch date.
Should you stay with your lender or move elsewhere?
You don’t have to change lenders when your deal ends. Choosing another deal with the same bank or building society is called a product transfer, and there’s usually less paperwork involved.
For many customers who are up to date with their payments, a straightforward product transfer may not require another affordability assessment and will usually involve less administration than moving to another lender. Where you want to borrow more, change the mortgage term or alter the repayment type, your lender may need to carry out further checks.
Remortgage clients across The Mortgage Broker show that it is more often beneficial to remortgage with a different lender even when a Product Transfer is available. This is due to the vast amount of mortgage deals available and the thorough research our advisers do in finding more appropriate solutions for our customers’ circumstances at the time they are reviewing their options.
Perhaps you’re earning less than you were when you first took out the mortgage, or you have gone self-employed, or had credit issues. If so, a new lender would assess your application using your income and situation now, so a product transfer could be worth considering in these scenarios. Your existing lender may also offer a competitive rate which does fit the required needs.
Before accepting, however, send us the offer and get a free remortgage review. We can compare it with suitable options from other lenders and work out the cost over the same period, including fees. We’ll also check whether you’re likely to meet those lenders’ criteria.
You may end up staying where you are. If that’s what we recommend, we’ll explain the reasons and help you arrange the switch.
What should you compare?
The rate catches the eye, but the lender product fees and total costs can change the result. A lower-rate mortgage with a product fee may cost more over the chosen period than a slightly higher rate with a smaller fee.
The size of the mortgage matters. A £2,000 lender product fee takes a larger share of the potential saving on a £100,000 balance than it does on a £600,000 balance. If you add a fee to the mortgage, you will pay interest on it too.
Compare the options over the period allowing for:
- monthly payments and the balance you would still owe at the end;
- product fees and any broker fee;
- legal, valuation and mortgage exit costs;
- cashback or other incentives; and
- early repayment charges and overpayment limits.
If the terms differ, check what each payment is actually achieving. A lower payment spread over more years can leave you with more debt outstanding at the end of the comparison period. Our guide to remortgage costs explains the charges you should look for.
Book a Free Initial Remortgage ReviewAI and mortgage research: Pro Technology, Pro Advice
AI is becoming part of how people research their finances. We see it in the questions customers bring us, and in the mortgage choices customers have started exploring before we speak.
AI can help with the preparation. You can ask for a plain-English explanation of loan-to-value, get help understanding a mortgage term or prepare a list of questions about your lender’s renewal offer. A tool that helps someone feel more comfortable asking those questions has a role for sure and we are all for everyone getting more insight into how mortgages work and what things should be considered.
Our position is Pro Technology, Pro Advice. We want customers to have information, and we want technology to make the mortgage process easier. We also want a mortgage adviser to take responsibility for checking the circumstances and explaining a recommendation.
Why the FCA’s work on AI matters
Fraud and cyber security were among the concerns examined in the FCA’s Mills Review, published in July 2026. The review also considered where AI could help more people access services and make those services more efficient.
One finding stood out. In research commissioned for the review, one in five people surveyed said they would be likely to use AI that could take action within goals they had set. More than 5,000 UK financial services consumers took part in April 2026. They were being asked whether they would use that kind of tool. The result does not tell us how many people already use AI to choose a mortgage, but we know clearly that AI and search engines will not have the up-to-date criteria, lender nuances and the key customer profile considerations that define the right lender for certain circumstances.
We want technology to help people understand their options. We also want customers to know what has been checked before they act on a recommendation and who is responsible for it. We are happy for anyone to proof check our service via AI and assess the considerations taken, as we are confident that technology has a place, but qualified personal advice ensures mortgage applicants have the greatest chance of success when looking for a suitable and cost-effective mortgage deal.
And it is important to remember, AI cannot give accurate mortgage advice.
Where your circumstances change the answer
If a chatbot quotes a mortgage rate or tells you what a lender will accept, ask where it found that information. Check the source and date. An explanation can be easy to follow even when the product details or lending rules behind it are out of date. Mortgage rates change daily and lenders alter criteria and rules frequently.
When it comes to income and working out a borrowing calculation, we need to know how the lender would assess that figure. If some of your pay comes from commission or overtime, we need to check how much of that income the lender will count. Self‑employed income must also be checked against the lender’s requirements. For a company director, one lender may use salary and dividends while another may also consider profits that are kept in the business. Entering the annual figure into a calculator will not always reflect those differences.
NHS Staff are a prime example here, as lenders assess affordability in different ways and it is critical to a successful mortgage application to present banked work and overtime properly. Especially if locum or an agency worker as lenders typically want a clear history and evidence trail of contracts, invoices and other information.
The length of the mortgage is also important as you might be considering a longer term to bring the monthly payment down. We would also examine how much more interest you could pay over those extra years. If the mortgage would continue after you plan to retire, we should talk about the income you expect to have then and your later life plans.
With debt consolidation, we want to know what happens to the cost of the debts you are adding to the mortgage. A smaller monthly payment can help with the household budget. Repaying those debts over a much longer period could leave you paying more in total.
Your adviser should explain the options available to you and why they have recommended a particular mortgage. Bring any AI research into that conversation so we can check it together. An answer from a general‑purpose chatbot is not by itself regulated mortgage advice.
Technology belongs in the ongoing service too
We use technology after a mortgage completes as well. Our 24/7 mortgage monitoring service helps us keep track of dates and spot when another review may be worthwhile.
A prompt gives us a reason to get in touch. We still need to find out what has changed for you and check the costs of any switch. An early repayment charge or the fees on a new deal could use up the saving suggested by a lower rate.
If you have found a deal online or asked AI about your mortgage, bring that information along. We can check it with you and talk through anything that does not match what your lender has said.
Why might your next mortgage payment be higher?
If your current rate was agreed a number of years ago, today’s options will look expensive beside it and feel like a shock. Alongside other increased costs in your household which may already have increased, it is of course understandable to focus on the monthly payment figure when considering a new mortgage – and rightly so in many circumstances. Our goal is to always find the most suitable and cost-effective mortgage deal.
The facts are however, that mortgage rates have increased from 2021 and before, and if you are coming out of a fixed rate that is 5 years or more, you will feel the payment shock of course. In terms of the market, there are more mortgage deals available than 5 years ago, so it is more important to search the market high and low, now more than ever. So use a mortgage broker to do this, and ascertain what the right mortgage deal is for you. However, the rates are higher, and this has been the new normal in the mortgage market for some time, with some slight fluctuations, but certainly higher rates than pre-covid.
In its July 2026 Financial Stability Report, the Bank of England projected that nearly 750,000 households paying less than 3% interest would leave their fixed rates during 2026 with an average repayment increase of around £170 a month. Your own change could be very different: it depends on your balance, remaining term and replacement rate.
Here is an illustration using a £250,000 capital-and-interest repayment mortgage with 25 years remaining:
| Interest Rate | Approximate monthly payment |
|---|---|
| 2.5% | £1,122 |
| 6% | £1,611 |
Using the same balance and term, the difference is about £489 a month. The rates are illustrative rather than a quotation for an available mortgage.
These figures use 300 capital-and-interest payments and an annual interest rate divided by 12. They exclude fees, overpayments and rate changes. The calculation does not predict that either rate will remain in place for 25 years. A lender’s actual payment calculation may differ.
Once you have an estimate for your mortgage, put it alongside your other spending. That helps your adviser understand whether you are comfortable with the payment or need to explore a different mortgage term or repayment arrangement.
What to bring to a remortgage review
You can speak to us before you’ve gathered all the paperwork. If you have your latest mortgage statement and an offer from your lender, keep them handy. We’ll ask about:
- your current rate, when the deal ends and any early repayment charge;
- how much you still owe and how many years are left on the mortgage;
- what you think your home is worth;
- your income, including any job changes or self-employed earnings;
- your regular bills, loans and other debts;
- any missed payments or problems with your credit history; and
- plans that could affect the mortgage, such as moving, retiring or borrowing more.
Your adviser will tell you which documents they need. If you’ve tried a mortgage calculator or asked an AI tool for help, bring the result too, along with the figures you entered and any assumptions it used.
If the new payment looks difficult to manage
Speak to your adviser, and we can review what you can realistically afford. It is much easier to discuss the options when the conversation includes household spending, other debts and any expected change in income.
One crucial thing we like to always remind our clients of. In the mortgage market, there are estate agents, lenders, solicitors and many other service providers. Mortgage Brokers are the only ones who truly work for the customer and the mortgage applicant. We work for the client, and we aim to find the most suitable mortgage available in the market.
Changing the mortgage term
A longer term spreads repayments over more years and can reduce the required monthly payment. It usually increases the interest you pay, and the lender will need to be satisfied that the term fits its criteria. Income in retirement may be relevant.
You may prefer to keep the existing term or even repay sooner if your budget allows. Ask to see the payment, overall cost and remaining balance under each option. Our guide to reducing your payment or reducing your mortgage term looks at that choice.
Checking your loan-to-value
The proportion of the property’s value you owe is your loan-to-value or LTV. Paying down the balance or a rise in value can move you into a lower loan-to-value band. A fall in value can move you into a higher LTV band, which may affect the products or rates available.
Speaking to your lender about support
If you are worried about keeping up with payments, contact your lender early. Under the Mortgage Charter, discussing support does not affect your credit file.
Eligible borrowers who are up to date with payments can request, on a one-off basis, six months of interest-only payments or a term extension with the option to reverse it within six months. These can be available without an affordability check. Extending the mortgage term beyond your expected retirement date requires an affordability assessment. The Charter does not cover buy-to-let mortgages.
These changes can increase the total cost of your mortgage, and your payments may rise after the support ends. Ask your lender for the figures and how the arrangement will be recorded. If you are already behind on payments, you can discuss support for your situation.
MoneyHelper’s guidance on mortgage payment worries also explains where to get help and free debt advice.
What about adding other debts to your mortgage?
You may be able to borrow more against your home and use the money to repay credit cards or loans. This depends on equity, affordability, credit history and lender criteria.
Look at how long you will be repaying those debts. A loan with five years left could become borrowing that runs for another 20 or 25 years. Even with a lower interest rate, the total interest may be higher because you are repaying the debt over a longer period.
You would also be securing previously unsecured debt against your home. This changes the consequences if you cannot keep up with repayments. When debt payments become difficult, seek free debt advice. Consider alternatives before adding them to your mortgage.
Our debt consolidation remortgage guide explains what to consider.
What if an online application has been declined?
Being turned down can be worrying, especially if your fixed-rate deal is nearly over. Before applying elsewhere, speak to us about what happened and let us review the overall picture. One lender saying no doesn’t mean every lender will reach the same decision. You may also still be eligible for a new deal with your current lender, known as a product transfer.
We’ll look at your income, credit history, other borrowing and the property. An error on your credit file may need correcting, or the lender may need more information about your earnings. Another lender could have different criteria. If the amount you’ve asked to borrow is more than you can afford, though, we need to address that before going further.
Another application isn’t guaranteed to succeed. MoneyHelper advises finding out why you were declined before applying again. Several applications involving hard credit searches in a short period can affect your credit profile. Before agreeing to another check, ask whether it involves a soft search or a hard search, which leaves a mark on your credit file.
Tell us about everything you’re repaying, including Buy Now Pay Later purchases. Even small instalments can be relevant when a lender checks what you can afford. Our guide to Klarna and mortgage applications explains how these payments may be considered.
Remortgaging when retirement is approaching
If retirement falls within the mortgage term, discuss it at the start of the review. Your expected income and the payments you want to maintain will help shape the options.
Some lenders consider conventional mortgages extending into retirement. Depending on your circumstances, specialist routes may include retirement interest-only (RiO) mortgages or lifetime mortgages. These products work differently from a standard residential mortgage and need careful explanation.
For example, interest allowed to roll up on a lifetime mortgage increases the debt and can reduce the equity left in your home. This decision needs advice about the wider implications.
Our later-life mortgage team can discuss what you want to achieve, whether that is replacing an existing mortgage, reducing expenditure or staying in your home. You can come to that conversation with questions without having chosen a product.
Speak with an adviser today!
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Frequently asked questions about remortgaging in 2026
For many homeowners, beginning the review around six months before the current mortgage deal finishes gives enough time to understand the available options. Some lenders allow products to be secured several months before completion. Always check whether an early repayment charge applies before leaving an existing mortgage early.
Your existing lender’s product transfer may be competitive and could offer a straightforward way to switch rates. However, the lender can only offer products from its own range. Comparing that option against suitable alternatives elsewhere can help you understand the overall costs and features before deciding.
It is possible to arrange some mortgages directly with lenders or through online services. The limitation is that an automated journey may not interpret more complicated circumstances in the same way an experienced adviser can. Income structure, existing borrowing, credit history, property type, age and lender criteria can all affect which lenders may consider an application.
Potentially, yes. A decline from one lender does not mean every lender will reach the same decision. Different lenders use different affordability models and lending criteria. It is usually better to understand why the application may have failed before making several further applications.
AI can be useful for researching terminology, understanding different mortgage types and exploring questions before speaking to an adviser. However, general information is not the same as regulated personalised mortgage advice. The mortgage that is suitable for an individual depends on their complete circumstances and the criteria and products available from lenders at the time.
You will normally move onto the lender’s reversion rate, often called its Standard Variable Rate or SVR. This rate can be higher than other mortgage products and can change. Check the terms of your existing mortgage and understand your options before the fixed period expires.
Nobody can know with certainty. Fixed mortgage rates respond to wholesale funding costs and financial market expectations as well as Bank Rate, so they can rise or fall before the Bank of England changes its official rate. Rather than relying solely on a forecast, it can be useful to understand the options available now and keep the position under review.
Potentially, subject to lender criteria and your circumstances. A longer mortgage term can reduce the required monthly payment, but it will usually mean borrowing for longer and may increase the total amount of interest repaid. Both the immediate payment and longer-term cost need to be considered.
It can be possible, depending on the available equity, affordability, credit history and lender criteria. Consolidating unsecured debt into a mortgage can reduce monthly outgoings but may increase the total interest paid and converts unsecured borrowing into borrowing secured against your property.
It may still be possible. Different lenders have different criteria for missed payments, defaults, CCJs and other credit problems. How long ago the issue occurred, its value and how your finances have been managed since can all be relevant.
No. Arrangement fees, valuation costs, legal costs, incentives, early repayment charges and how long you intend to keep the mortgage can all affect the overall cost. A mortgage with a slightly higher interest rate can sometimes work out cheaper overall depending on the circumstances.
Potentially, yes. Options may include conventional residential mortgages that extend into retirement, Retirement Interest Only mortgages and specialist later-life lending. The appropriate route depends on income, age, affordability, property, objectives and longer-term plans.
Useful starting information includes your current mortgage balance, interest rate, deal end date, remaining term and details of any early repayment charge. Your adviser will also need to understand your income, existing financial commitments, property and what you want the next mortgage to achieve.
Related remortgage guides and services
- Debt Consolidation Remortgage: A Straight-Talking Guide
- How Much Does It Cost to Remortgage? A Complete Guide for UK Homeowners
- Remortgaging: Reducing Your Payment or Reducing the Mortgage Term?
- Does Klarna Affect a Mortgage Application?
- 24/7 Mortgage Monitoring
- Remortgage Services
- Later Life Mortgage Options
About the author
Sam Kirtikar, CEO, The Mortgage Broker
Sam leads The Mortgage Broker, supporting customers across residential, buy-to-let, specialist and later-life mortgages. The Mortgage Broker works with more than 130 lenders and can search over 25,000 mortgage products, combining mortgage technology with experienced human advice.
Mortgage content reviewed by Kevin Blount, Director of Advice & Solutions, The Mortgage Broker.
Sources
- UK Finance, Mortgage Market Forecast 2026–2027.
- Bank of England, Financial Stability Report, July 2026.
- Bank of England, Monetary Policy Summary and Minutes, September 2026.
- Financial Conduct Authority, Mortgage Charter Uptake Data, September 2026.
- Financial Conduct Authority, Mills Review into AI and Retail Financial Services, July 2026.
- MoneyHelper, What to Do When Your Mortgage Application Is Declined.
This article provides general information only and does not constitute personalised mortgage advice. Mortgage availability, interest rates and lending criteria depend on individual circumstances and can change.
Your property may be repossessed if you do not keep up with your mortgage repayments.
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