Around 1.8 million fixed-rate mortgages are expected to come to an end during 20261. If yours is one of them, waiting until the final few weeks to investigate your options could leave you with less time and less choice.
If your mortgage deal is due to expire between now and next spring, there is a date worth putting in your diary.
Not the day your fixed rate actually ends.
Six months before it.
That is because borrowers approaching the end of a fixed mortgage can often start investigating their next deal well before their existing rate expires.
And hundreds of thousands already are.
The latest Financial Conduct Authority figures show that 381,364 mortgages locked into a new deal up to six months before maturity during the second quarter of 2026 alone2.
That does not mean everybody whose mortgage ends within six months should immediately switch.
But with mortgage pricing volatile and a large number of fixed deals approaching maturity, it does mean there is a strong case for understanding your options before the deadline is looming.
Why are so many borrowers approaching a mortgage crunch point?
Britain went through a huge refinancing cycle when borrowers fixed their mortgages during and after the pandemic.
Many of those deals are now coming to an end.
UK Finance forecast that around 1.8 million fixed-rate mortgages will expire during 2026, following approximately 1.6 million maturities during 20251. It expects both remortgaging to another lender and product transfers with existing lenders to remain substantial parts of the mortgage market this year1.
For some households, the end of their deal may be relatively uneventful.
For others, particularly borrowers who are still paying the very low rates available several years ago, the difference could be much more noticeable.
The Bank of England estimated in its July Financial Stability Report that nearly 750,000 households paying mortgage rates below 3% were due to roll off fixed deals during 20263.
On the market assumptions used by the Bank at the time, those households were projected to see an average monthly repayment increase of around £170 when refinancing3.
That is an average projection, not a forecast for any individual borrower. The actual change will depend on factors including the mortgage balance, remaining term, loan-to-value, new mortgage rate and type of deal selected.
But it explains why leaving the conversation until the last minute can be risky.
What happens if you simply do nothing?
When an initial fixed or discounted mortgage deal comes to an end, borrowers who have not arranged another deal will normally move onto their lender’s reversion rate.
That is often the lender’s standard variable rate, or SVR.
The FCA says a lender’s reversion rate will typically be higher than the fixed rate a borrower has been paying4.
That does not automatically mean a new fixed mortgage will always be cheaper, and an SVR may offer flexibility that suits some borrowers.
But accidentally ending up on a reversion rate because you did not review your mortgage is very different from choosing one deliberately after comparing the alternatives.
Why six months?
There are two important reasons.
First, mortgage offers can last for several months.
The FCA says an accepted mortgage offer will normally remain valid for between three and six months, depending on the lender4. This means borrowers may be able to arrange their next mortgage before the existing deal actually finishes, with the new mortgage taking effect at the appropriate time.
Second, there is the Government’s Mortgage Charter.
The Charter was introduced in 2023 and currently has 47 lender signatories representing around 90% of the mortgage market2.
Among its commitments, participating lenders allow customers to lock in a new deal up to six months before the end of their existing fixed rate2.
That is exactly what more than 381,000 mortgages did between April and June this year2.
But what if mortgage rates improve after you secure a deal?
This is where starting early can be particularly useful.
Under the Mortgage Charter, customers of participating lenders who have locked in a new deal can request a better like-for-like deal before the new rate starts if one becomes available2.
That does not mean every mortgage can automatically be switched to any cheaper product in the market.
The Charter commitment relates to participating lenders and a better like-for-like deal, and individual lender processes and eligibility requirements still apply.
If you are considering moving to a completely different lender, the position may also be different.
But the principle is useful: reviewing your mortgage early does not necessarily mean making an irreversible bet on today’s market.
And today’s mortgage market is moving
There is another reason why the six-month window is particularly relevant now.
Bank Rate was held at 3.75% on 17 September, but fixed mortgage pricing has not stood still5.
The Bank of England says its measure of quoted two-year fixed mortgage rates is around 0.95 percentage points higher than before the recent Middle East conflict, reflecting increases in the wholesale market interest rates that feed into lenders’ pricing5.
No one can know with certainty where mortgage rates will be by the time your existing deal expires.
They could rise, fall or move very little.
That is why reviewing early should not be confused with trying to predict the market.
The objective is to know what your choices are.
Staying with your lender or moving elsewhere?
When your mortgage ends, there are broadly two routes to investigate.
You may be able to select a new product with your existing lender, commonly known as a product transfer.
Alternatively, you can consider remortgaging to another lender.
There can be meaningful differences between the two.
The FCA says that, where borrowers are up to date with their payments and stay with their existing lender without borrowing more, they should generally be able to move to a new deal without another affordability assessment, although exceptions can apply4.
Moving to a different lender will normally involve a fresh affordability assessment4.
But that does not mean staying with your existing lender is automatically the better option.
Another lender may have a mortgage that is more suitable for your circumstances. Conversely, once fees, valuation requirements, legal work and other considerations are taken into account, remaining with the existing lender may sometimes make more sense.
That is precisely why comparing the overall proposition, rather than simply looking for the lowest headline rate, matters.
Your loan-to-value may have changed too
There is another reason not simply to roll your mortgage over without checking.
Your position today may be different from when you arranged your existing deal.
You may have repaid a portion of the mortgage. The value of your home may also have changed.
Together, those factors determine your current loan-to-value, or LTV.
If your LTV has fallen sufficiently, you may now fall into a different lending band and potentially have access to mortgage options that were not available when you originally borrowed.
The reverse can also happen if a property’s value has fallen.
A proper review can therefore involve more than replacing one fixed rate with another.
It can include reassessing your remaining balance, property value, mortgage term, monthly budget and future plans.
Don’t forget early repayment charges
Starting the process early does not necessarily mean completing a remortgage immediately.
If your existing mortgage is still within its fixed or discounted period, leaving it prematurely may trigger an early repayment charge.
The cost can be significant.
That is why a new deal would normally be arranged to begin at or around the point the existing mortgage can be repaid without that charge, unless there is a specific reason for considering an earlier switch.
Any early repayment charge, new product fee, valuation cost, legal cost or other relevant expense should be considered when assessing whether changing mortgage makes financial sense.
What if your circumstances have changed?
Six months also gives you valuable breathing space if life looks different from the last time you applied for a mortgage.
Perhaps you have become self-employed.
Maybe your household income has changed, you have taken on additional borrowing, your family has grown or you are considering moving home.
None of those circumstances automatically prevents a remortgage.
But they can affect the lenders and products available.
Discovering an issue several months ahead of the mortgage expiry date usually gives more opportunity to investigate the alternatives than discovering it a fortnight beforehand.
Is remortgaging activity already picking up?
There are signs that more households are reviewing their mortgages.
Bank of England figures show 34,500 remortgages to a different lender were approved in July, up from 34,100 in June. These statistics do not include product transfers where the borrower remains with the same lender6.
Combined with the FCA’s figure showing more than 381,000 mortgages secured a deal ahead of maturity in the second quarter, it is clear that a large refinancing market is already under way2.
So, should you lock in a new mortgage today?
Not necessarily.
Starting a review six months before your fixed mortgage ends is not the same thing as recommending that you take a particular mortgage immediately.
The right outcome depends on your circumstances, existing mortgage, future plans and the products available.
Rates may also change during the period before your mortgage expires.
The value of starting early is that you can establish what your existing lender may offer, investigate whether alternatives are available elsewhere and understand the likely costs before you need to make a final decision.
In a mortgage market capable of moving quickly, information and preparation can be valuable.
Mortgage ending before next spring?
If your current mortgage is due to end within the next six months, now may be an appropriate time to review it.
As mortgage brokers, we can look at your existing mortgage, outstanding balance, loan-to-value and circumstances and explain the options that may be available from your current lender and, where appropriate, elsewhere in the market.
Reviewing your mortgage does not commit you to changing lender or taking a new product.
It can simply give you a clearer picture of what happens when your current deal ends and enough time to consider your options.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
There may be a fee for mortgage advice. The precise amount of the fee will depend on your circumstances.
Think carefully before securing other debts against your home/property.
All the information in this article is correct as of the publish date 24th September 2026. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
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Sources
- UK Finance. (2025) Mortgage Market Forecasts 2026–2027. [online] Available at: UK Finance Mortgage Market Forecasts [Accessed 22 September 2026].
- Financial Conduct Authority. (2026) Mortgage Charter uptake data: September 2026. [online] Available at: FCA Mortgage Charter uptake data [Accessed 22 September 2026].
- Bank of England. (2026) Financial Stability Report: July 2026. [online] Available at: Bank of England Financial Stability Report July 2026 [Accessed 22 September 2026].
- Financial Conduct Authority. (2026) Support available for mortgages as interest rates rise. [online] Available at: FCA mortgage support guidance [Accessed 22 September 2026].
- Bank of England. (2026) Monetary Policy Summary and Minutes, September 2026. [online] Available at: Bank of England September 2026 Monetary Policy Summary [Accessed 22 September 2026].
- Bank of England. (2026) Money and Credit: July 2026. [online] Available at: Bank of England Money and Credit July 2026 [Accessed 22 September 2026].