If your fixed rate mortgage deal is coming to an end, now is the ideal time to review your options. Speaking to an independent mortgage adviser can help you make an informed decision about the next step in your mortgage journey.
Recent reports show that mortgage rates have been falling, with many major UK lenders reducing rates throughout 2026 as funding costs have eased. While this is welcome news for borrowers approaching the end of a fixed rate deal, the Bank of England has announced more than five million households are projected to see their mortgage repayments increase by the end of 2028. As well as this, mortgage rates can change quickly in response to economic events, making professional advice more valuable than ever.
At Blackdown Financial, we will review all aspects of your mortgage, including interest rates, fees, flexibility and future plans, to help ensure you find a solution that best suits your individual circumstances.
Recent Mortgage Rate Trends
Mortgage rates have shown encouraging signs throughout 2026, with all ten of the UK’s largest mortgage lenders reducing rates in recent months. This has been driven largely by lower swap rates, which influence the cost of fixed-rate lending for mortgage providers. As a result, some of the most competitive fixed-rate deals have fallen from around 4.6% earlier in the year to approximately 4.3% for borrowers with larger amounts of equity in their property.
While falling rates are welcome news for homeowners approaching the end of their fixed-rate deal, experts caution that further reductions are not guaranteed. Mortgage pricing is influenced by a range of factors, including inflation, Bank of England expectations and wider global events. Recent geopolitical uncertainty has increased funding costs for lenders, leading some industry commentators to suggest that the current cycle of rate reductions may slow in the short term.
For borrowers, this highlights the importance of reviewing options early. Many lenders allow you to secure a new mortgage deal several months before your current rate expires, providing protection against future rate increases while still allowing you to switch to a cheaper product should rates improve further before completion.
What Does This Mean for You?
Although mortgage rates remain significantly lower than the highs seen in 2023 and 2024, many homeowners coming off older fixed-rate deals may still experience an increase in their monthly repayments compared to the rates they previously enjoyed. Reviewing your mortgage well in advance of your deal ending can help ensure you secure the most suitable product for your circumstances and potentially save money over the longer term.
What Should You Consider?
There are several factors to think about when deciding whether to stay with your current lender or switch to a new mortgage provider:
1. Interest Rates
Compare your current lender’s available rates with those across the wider market. With many lenders reducing rates recently, there may be opportunities to secure a more competitive deal and potentially reduce your monthly repayments. However, the lowest rate is not always the most cost-effective option.
2. Fees and Overall Cost
Mortgage fees, arrangement charges, valuation costs and legal fees can all affect the overall value of a deal. A mortgage with a slightly higher rate but lower fees can sometimes work out cheaper than a headline-grabbing low-rate product.
3. Your Financial Circumstances
If your income has increased, your credit profile has improved, or your property has risen in value since taking out your current mortgage, you may qualify for more favourable terms than were previously available.
4. Flexibility and Additional Features
Different lenders offer different features. These might include the ability to make overpayments, take payment holidays, port your mortgage when moving home, or adjust the term to better suit your financial goals.
5. Fixed, Variable or Tracker Rates
There are several mortgage options available, including fixed, variable and tracker rates. While tracker mortgages have recently offered some of the lowest rates available, they can rise if the Bank of England base rate increases. Understanding the risks and benefits of each option is essential before making a decision.
6. Early Repayment or Redemption Charges
Before switching lenders, check whether your current mortgage agreement includes any early repayment or redemption penalties that could affect the overall cost of moving.
Don’t Leave It Too Late
Many lenders allow borrowers to secure a new mortgage deal several months before their current arrangement ends. This can provide peace of mind and protect you from potential rate increases, while still allowing you to benefit if rates fall further before completion.
The decision to stay with your existing lender or move to a new one should be based on your financial objectives, the options available in the market, and the terms of your current mortgage.
At Blackdown Financial, we will help you review your options, compare the true cost of different deals, and ensure you understand the potential long-term benefits and implications before making a decision.
To discuss your mortgage options, call us on 01823 321616 or email enquiries@blackdownfinancial.co.uk.
Best,
Emma
Emma Hamilton CeMAP, CeRER
Please note: Your home may be repossessed if you do not keep up repayments on your mortgage.