My Fixed Rate Mortgage Ends in 2026: What Should I Do?
- Adrian Collins
- Aug 13
- 7 min read
Updated: Aug 17
If your fixed-rate mortgage is ending in 2026, you're not alone. Approximately 1.8 million fixed-rate mortgages are expected to reach the end of their deal period this year, creating a significant opportunity to review your finances. This article focuses on the core decision: should you move to a new lender through a remortgage, stay with your current lender through a product transfer, or temporarily move onto a variable or tracker rate? We'll also explore how early you can start reviewing your options and what to consider if your financial circumstances have changed.
What Happens When My Fixed Deal Expires?
When your fixed-rate mortgage deal ends, you’ll usually be moved automatically onto your lender’s Standard Variable Rate (SVR) unless you arrange a new deal. The SVR is often considerably higher than fixed-rate or tracker mortgages and can change at the lender’s discretion, meaning your monthly payments could rise significantly.
Reviewing your options before your deal expires can help you secure a more suitable rate and ensure you don’t pay more than necessary.
Why Are So Many Borrowers Reviewing Their Mortgage Options in 2026?
According to UK Finance, approximately 1.8 million fixed-rate mortgages are expected to reach the end of their deal period during 2026, meaning many homeowners will soon need to decide whether to arrange a product transfer, remortgage with a new lender or consider their short-term options.
Product Transfer Versus Full Remortgage
When your fixed rate ends, you essentially have two options:
Product Transfer: This involves switching to a new mortgage product with your existing lender. It's often quicker and requires less paperwork, as your lender already has most of your details. When staying with your existing lender can make sense is typically for ease and speed, or if your financial circumstances have changed.
Full Remortgage: This means taking out an entirely new mortgage with a different lender. This process can be more involved, requiring some legal work and a full mortgage application and assessment. However, it can often unlock access to a wider range of competitive deals from across the market, potentially offering better value than your current lender.
When a New Affordability Assessment Is Required
For a product transfer with your existing lender, an affordability check is often not required, especially if you're not borrowing more money and have a good payment history. However, if you're looking for a full remortgage with a new lender, or if you want to borrow more with your current lender, a comprehensive affordability assessment will be necessary. This includes looking at your income, outgoings and credit history.
When Staying with the Existing Lender Can Make Sense
You might consider a product transfer if:
Your finances have changed: A change in property value, your household income, or worsened credit circumstances, could make it harder to secure a new deal elsewhere.
You value simplicity and speed: Product transfers are often faster and involve less paperwork.
Your existing lender offers a competitive deal: Sometimes, their retention deals are just as good as what's available on the open market.
How Far in Advance to Start
It's advisable to start reviewing your options as early as six months before your current fixed deal ends. See When is the Best Time to Remortgage for more information. Many lenders will allow you to reserve a mortgage rate six months early. This gives you ample time to compare deals, gather paperwork and get professional advice without feeling rushed.
What to Do If the Property Value or Household Income Has Changed
Changes in your property value or household income may affect your options in different ways:
Increased Property Value/Income: This is good news! It could mean access to lower LTV deals or the ability to borrow more if needed. Make sure your adviser knows this.
Decreased Property Value/Income: This might limit your options. A product transfer with your existing lender might be easier to secure, or you may need to adjust your expectations regarding rates or borrowing capacity.
What to Do If My Credit Circumstances Have Worsened
If your credit score has dipped or you've had financial difficulties, securing a new mortgage might be challenging. A product transfer with your current lender could be your best option, as they already know your payment history. If you do need to remortgage externally, be prepared for a full application process, and potentially higher rates.
Product Transfer vs Full Remortgage: Which Option Is Right for You?
When your fixed-rate mortgage ends, you’ll usually choose between a product transfer with your current lender or a full remortgage with a new one. The right option will depend on the rates, fees, your loan-to-value (LTV) and financial circumstances.
Consideration | Product transfer | Full remortgage |
Lender | Your existing lender | A new lender |
Process | Usually quicker and simpler | Often involves more paperwork and checks |
Affordability checks | May not be required if you are not increasing your borrowing | Required |
Choice of deals | Limited to products offered by your current lender | Access to a wider range of lenders and products |
Property valuation | Your lender may use an automated or conservative valuation, which could undervalue an improved property | A new lender will usually arrange its own valuation (usually no fee is payable), which may better reflect renovations or extensions |
Legal work | Usually not required | May be required, although some lenders offer free legal services or cash back towards costs |
Costs | Often involves fewer fees, but product fees may still apply | May involve product, valuation and legal fees, although many lenders now cover some of these costs |
Potential drawbacks | You could miss a more competitive deal or an opportunity to release equity | Your application could be affected by changes to your income, credit history or affordability |
Neither option is automatically better. Compare the total cost and terms of each deal, including any arrangement, legal, valuation or early repayment charges, rather than focusing on the interest rate alone.
When Product Transfer Convenience Could Limit Your Options
A product transfer may be quick and straightforward, but the easiest option is not always the most suitable. If you are considering moving home within the next 12–18 months, committing to a new two-year fixed mortgage or longer could restrict your flexibility and leave you facing early repayment charges if your plans change.
There is no guarantee that your current lender will offer the mortgage you need in the future. Your income may have changed, they may lend less than another provider, or they may not approve the property you want to buy. These factors could limit your choices and potentially make moving more expensive.
Speaking to a mortgage adviser before booking a new rate through a few clicks in an app could help you avoid an unsuitable mortgage deal and potentially save you thousands over the longer term. Depending on your circumstances and your attitude to changing interest rates, a more flexible tracker mortgage may ultimately prove the better financial option, but your payments could rise. Read our guide, Fixed or Tracker Mortgage in 2026: Which Is Safer When Rates Are Uncertain?, to understand how the two options compare.
Consider the Cost of Remortgaging
The lowest interest rate is not necessarily the cheapest option once all costs are taken into account. A remortgage may involve product or arrangement fees, valuation and legal costs, broker fees where applicable, and potentially an early repayment charge on your existing mortgage. You should also consider whether adding fees to the mortgage is worthwhile, as this means paying interest on them over the loan term.
A product transfer may be attractive if it avoids some legal or valuation costs, but a remortgage could still offer better overall value if the savings from a lower rate outweigh the additional fees. The most useful comparison is the total cost over the initial deal period, rather than the interest rate or monthly payment alone.
For a full breakdown of the potential costs involved, read our article How Much Does It Cost To Remortgage? A mortgage adviser can also help compare the overall cost of a product transfer and remortgage based on your circumstances.
Should I Wait Before Arranging a New Mortgage Deal?
Waiting can be an option, but if you do not arrange a new deal before your fixed-rate mortgage expires, you will usually move onto your lender’s Standard Variable Rate (SVR). This is often higher than fixed or tracker rates and could significantly increase your monthly payments.
You do not necessarily have to wait until your current deal ends. Many lenders allow you to reserve a product transfer rate several months in advance, often up to three months before expiry, while a remortgage with a new lender can typically be arranged up to six months in advance, subject to the lender’s criteria.
Acting early can provide greater certainty and protect you if rates rise. Fixed mortgage rates can change quickly in response to swap rates, market expectations and wider economic or geopolitical events, even when the Bank of England’s base rate remains unchanged. The conflict involving Iran this year has also demonstrated how geopolitical developments can contribute to swift and sometimes sharp increases in fixed rates. This is why speaking with a mortgage adviser offers your best chance of securing a suitable deal and avoiding disappointment.
The key distinction is:
Waiting without arranging a deal could mean moving onto the SVR and paying more.
Securing a rate early can protect you from future increases while retaining some flexibility if rates fall.
A mortgage adviser can compare product transfer and remortgage options, monitor rate changes and help you decide when to secure a new deal.
What to Do If Your Fixed-Rate Mortgage Ends in 2026
If your fixed-rate mortgage ends in 2026, it is worth reviewing your options early. You may be able to secure a new deal before your current mortgage expires, helping you avoid automatically moving onto your lender’s potentially higher Standard Variable Rate (SVR).
Ready to Review Your Options?
If your current deal ends before February 2027, it may already be worth reviewing your options. Contact our expert advisers to compare product transfer and remortgage solutions based on your circumstances and understand the costs, timescales and rates available to you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Written by Adrian Collins, Founder of Beechwood Mortgages (FCA Ref: 219335). Reviewed and Approved by Stonebridge Mortgage Solutions Limited, which is authorised and regulated by the Financial Conduct Authority (FCA Ref: 454811).
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