Is Your Fixed Rate Mortgage Coming to an End? Why It Pays to Review Your Options Early

Around 1.8 million fixed rate mortgages are due to come to an end during 2026, leaving many UK homeowners with an important financial decision to make.

If your mortgage deal is approaching its end date, reviewing your options early can give you time to compare what your existing lender is offering against suitable alternatives available elsewhere in the market.

Through our Business Solutions offering, Quality Care Group work with lending and financing specialists, who can provide a free, no obligation mortgage review to help clients understand their options before making a decision.

What happens when your fixed rate mortgage ends?

A fixed rate mortgage gives you an agreed interest rate for a defined period.

When that period ends, you will usually need to arrange another mortgage deal or move onto the applicable variable rate offered by your existing lender.

The rate you move onto could affect your monthly mortgage payments, which is why it can be worth reviewing your position before your existing deal expires.

The key point is simple: you do not necessarily have to accept the first new mortgage deal offered by your existing lender.

An adviser can compare the options available from your current lender with suitable alternatives from other lenders, taking your individual circumstances into account.

How early should you review your mortgage?

You may be able to start reviewing your mortgage several months before your current deal ends.

Depending on the lender and product, it can sometimes be possible to secure a new mortgage product in advance. This may provide greater certainty over the rate available when your existing deal expires.

They can also continue to monitor the market during the period before completion.

Where a more favourable product subsequently becomes available, they can review whether switching to the alternative would be possible and appropriate.

This can provide a balance between securing a potential option early and continuing to monitor the market if conditions change.

Why are mortgage rates changing?

Mortgage rates do not move solely in response to changes in the Bank of England's Bank Rate.

Lenders also consider financial market expectations about future interest rates, inflation and wider economic conditions when pricing fixed rate mortgages.

This means mortgage pricing can change even when Bank Rate itself has not moved.

Current uncertainty surrounding energy prices, inflation and financial markets demonstrates why predicting the future direction of mortgage rates can be difficult.

Rather than trying to time the market perfectly, homeowners approaching the end of a mortgage deal can focus on understanding the options available to them and reviewing those options as their renewal date approaches.

Should you stay with your existing lender or remortgage?

There is no single answer that is right for every borrower.

Your existing lender may have a suitable product available. In other circumstances, a different lender may offer an option that better reflects your requirements.

The interest rate is also only one part of the comparison.

Arrangement fees, early repayment charges, the term of the mortgage, monthly repayments, loan to value and your personal financial circumstances can all influence whether a particular mortgage is suitable.

This is where independent mortgage advice can be valuable.

Rather than looking at a headline rate in isolation, an adviser can consider your circumstances before comparing the available options.

Can you secure a mortgage rate now if your deal ends later?

Depending on your circumstances and the products available, it may be possible to reserve a mortgage product before your existing fixed rate ends.

Doing so can provide some certainty if you are concerned about rates increasing before you need the new mortgage.

However, the market can move in either direction.

If mortgage rates subsequently fall, our partner can continue to review the market up to completion and consider whether a different product may be more appropriate, where the lender and circumstances allow.

Securing a product early therefore does not necessarily mean ignoring what happens in the market afterwards.

What should landlords consider when reviewing investment property mortgages?

Mortgage planning can be more complex for landlords and property investors.

Changes to the tax treatment of rental property have led some landlords, particularly higher rate taxpayers, to consider whether holding investment property through a limited company could be appropriate.

There can be differences between owning investment property personally and through a limited company, including the way mortgage interest and certain allowable costs are treated.

Company ownership may also form part of wider estate or succession planning.

However, a limited company structure is not automatically appropriate or more tax efficient for every landlord.

Tax, legal, mortgage and transaction implications can all need to be considered.

Our partner can work alongside a client's tax adviser and other professional advisers when considering the financing options available. Appropriate tax and legal advice should be obtained before changing an existing property ownership structure.

What does a mortgage review involve?

A mortgage review is an opportunity to understand your current position before deciding what to do next.

Thier mortgage team can review your existing mortgage, consider the options available from your current lender and compare these with suitable alternatives available to them elsewhere in the market.

An initial telephone consultation can often be completed in around 20 minutes.

Where you decide to proceed, the team can then manage the mortgage application process and keep you updated as it progresses.

Why review your mortgage before your current deal expires?

The main advantage is time.

Starting the process early can give you more opportunity to understand your existing lender's offer, explore alternatives and consider the effect of different rates or products on your finances.

It can also reduce the pressure of having to make a significant financial decision immediately before your current mortgage deal expires.

The objective should not be to predict exactly what interest rates will do next.

It should be to understand your options, obtain appropriate advice and make an informed decision based on your own circumstances.

Get in touch

If your fixed rate mortgage is approaching its end date, Quality Care Group can introduce you to the specialist mortgage team for a free, no obligation mortgage review.

They can review your current position, compare available options and explain what may be appropriate for your circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgage products and rates are subject to availability, eligibility and individual circumstances. Tax treatment depends on individual circumstances and may be subject to change. Seek appropriate professional tax advice before making decisions about property ownership structures.