Your mortgage deal started five years ago. A lot has changed since then. 

Are you coming to the end of a five-year fixed deal? It’s amazing to look back at a very short time and see how different our household finances looked.  

Back then, many homeowners were able to secure mortgage rates of around 1% to 2%, giving them years of predictable monthly repayments. 

But now everything has gone up in price, and your outgoings are tighter than ever before. Your choice of mortgage deal now feels more important than ever, especially if you are one of the 1.8 million homeowners expected to reach the end of their fixed-rate mortgages in 2026 (including those on 2- or 3-year fixes). 

For those homeowners, this could mean a significant increase in monthly repayments at a time when household budgets are already under pressure. 

We know that homeowners are feeling anxious right now 

If you’re coming to the end of a fixed-rate deal, you’re almost certainly going to be paying more for your mortgage in the near future.  

We’d love to tell you otherwise, but we’re always honest with our advice.  

And we know that you’re feeling anxious about what it means for your finances. We’re having conversations with people all the time, and we know you’re worried about what decision you have to make.  

You want to know  

• Should you choose a 2-year or 5-year fixed deal? 

• Should you fix now or wait? 

• Will rates fall after you’ve committed to a deal? 

• What happens if rates rise again? 

• Should you overpay some of your mortgage? 

• Should you borrow more while you’re remortgaging? 

As much as we’d love to give you the answers to all of these questions, the reality is that every single household is different. What is right for you may not be right for someone else.  

That’s why it’s always worth talking to one of our mortgage brokers because we can talk directly to you about your personal situation.  

But even if we can’t discuss specifics, we can share useful information that may help you decide what you need to do.  

What happens when your fixed-rate mortgage ends? 

If it’s your first time remortgaging, you may not know what to do or what to expect.  

That’s totally normal – after all, how can you be expected to know what happens if you’ve never experienced it before? 

If this sounds like you, make sure you read our article, “How does remortgaging work in the UK?” because it explains everything you need to know.  

If you’re not sure what remortgaging is, it’s essentially replacing one deal with another.  

If you don’t arrange a new mortgage deal, you’ll usually move onto your lender’s Standard Variable Rate, which is often more expensive than fixed-rate products currently available. 

That’s why we generally recommend reviewing your options as early as possible rather than waiting until the final few weeks of your deal. 

Why does locking in a mortgage rate early matter? 

The good news is that many lenders allow borrowers to secure a new rate up to 6 months in advance. This is known as locking in a mortgage rate. 

You may be wondering why you would want to start a new deal six months early, especially if you’re on a historic low rate.  

But what it actually means is that your new deal can be arranged now, and it only starts when your current deal ends. So, if your deal is due to finish in November, you could start looking now and ‘reserve’ your preferred rate.  

But even better news is that if another product becomes available before that date, we can review alternative options and switch products as your mortgage broker. This can help protect against rising rates while still allowing flexibility if interest rates fall.  

Two things to think about before remortgaging 

As you prepare to remortgage, we think there are two big decisions you need to make.  

• What type of mortgage is right for you? 

• How long to fix your deal, 2 years, 3 years or 5 years? 

As we mentioned earlier, this will depend entirely on your personal circumstances, and our mortgage brokers will help you consider different scenarios and how they could affect your finances. 

But here’s the low-down on what you need to know right now.  

Should you choose a fixed or tracker mortgage in 2026? 

We’re not going to assume you know the difference, so here’s a quick recap to remind you.  

What is a fixed-term mortgage? 

A fixed mortgage does exactly what it says. It guarantees that you will repay a fixed monthly payment for the duration of your mortgage deal.  

What is a tracker mortgage? 

This is a variable-rate plan where your monthly payments rise and fall in line with the Bank of England base rate. If rates drop, your mortgage payments reduce. If rates rise, so will your outgoings.  

Some people prefer the certainty of knowing exactly what their monthly repayments will be.  

Others are prepared to accept more flexibility in exchange for the possibility of benefiting from future rate reductions.  

There is no right or wrong answer to which one is best for you because it depends on your circumstances and your attitude to risk. 

Should you fix your mortgage for two, three or five years? 

This is one of the most common questions homeowners ask us. When people talk about fixed-rate mortgages, it’s easy to focus entirely on where interest rates might go next because you’re obviously going to be concerned about your monthly repayments.  

But what we know from our conversations with people is that homeowners who feel most confident about their decision between a two-, three-, or five-year deal are usually the ones who think about what their lives might look like when the deal ends. 

When we’re talking with clients, we’re helping them understand that remortgaging isn’t just an opportunity to change their mortgage. It’s an opportunity to review whether their current mortgage still fits their lifestyle. 

Your life may look very different from what it was when you fixed your deal two, three or five years ago. You may have changed jobs or started a family, so this is your chance to make sure that you’ve got the right mortgage for your lifestyle right now – not what it was five years ago.  

A shorter two-or three-year fixed deal could suit you if… 

You expect your circumstances to change in the near future.  

If any of this sounds familiar, then a shorter deal may be more appropriate for your circumstances. 

• You are planning a house extension or major renovation and expect your property’s value to increase. You want to take advantage of a shorter-term deal now, so your next deal falls into a lower loan-to-value bracket.  

• You think your income could improve significantly in the next couple of years because you are due a promotion. You want to pay off more capital sooner without incurring early repayment charges.  

• You are planning to move house, and you want more flexibility or the ability to port your mortgage to your new address.  

• You expect mortgage rates to improve and would like the opportunity to review your options sooner. 

• You want greater flexibility and are comfortable with some uncertainty. 

A longer-term five-year deal may be more suitable if… 

You value stability and want more certainty over your household budget. 

A longer-term fixed-rate mortgage deal may be more appropriate for you if 

• You’re planning to start a family and want predictable monthly outgoings during maternity or paternity leave. You may be aware that childcare costs could affect your finances in the coming years, and you want to maintain a consistent mortgage payment. 

• You have a child moving out or attending university in the near future, and you need a stable mortgage payment to manage your outgoings.  

• You’re considering reducing your working hours or moving to part-time employment, and having certainty over a substantial portion of your outgoings will make that easier to decide.  

• You’re approaching retirement and want greater certainty around future housing costs. 

• You don’t want to spend the next few years worrying about interest rates. 

Your remortgage is about more than your interest rate 

Many factors can affect our financial circumstances, and not all of them are within our control. In addition to our own lifestyle changes, you should consider future elections, inflation forecasts, and global events, as we’ve seen this year how they can influence market confidence. 

 So, when you’re choosing between a fixed-rate or tracker rate, or a short-term or longer-term deal, these are some of the questions you should be asking yourself.  

• Where do I see myself living in five years?  

• Could my income change?  

• Will my family circumstances be different?  

• Am I planning any significant spending?  

• How important is financial certainty to me?  

• Would I rather have flexibility or peace of mind? 

Most people are worried that if they fix for five years, they’ll be stuck if rates fall a few months later. Others are worried that choosing a tracker rate could backfire, with their payments increasing dramatically with little notice.  

The reality is that nobody can predict the future with certainty. That’s why choosing a mortgage that fits your circumstances is often more important than focusing on a specific interest rate.  

Independent mortgage advice can make a difference. 

Too often, borrowers wait to hear from their lender and accept the options presented to them rather than seeking help and support from a trusted, experienced mortgage broker.  

But we always recommend speaking with a broker, as we have access to a wider range of products and options. We’ll talk to you about your life plans and what matters most to you, which might be lower interest rates, flexible repayment options, or a shorter overall mortgage term. We want you to feel confident in your decision and be aware of your options.  

The best mortgage isn’t necessarily the one with the lowest rate. It’s the one that helps you feel comfortable about your finances over the next few years. 

If your fixed-rate mortgage is due to end within the next six months, now is a good time to start reviewing your options, as we can help you find a great deal.  

Book a mortgage review with The Mortgage Expert here and find out what your next move could look like.