If your mortgage deal ends later this year, or in early January 2027, now could be the time to start looking at your options.
For many homeowners, the mortgage is the largest monthly bill they pay. Yet it is also one of the financial products most likely to be left until the last minute.
That can be costly.
When a fixed, tracker or discounted mortgage deal ends, borrowers are usually moved onto their lender’s standard variable rate, often known as the SVR. This can be significantly higher than the rate they were paying before, which means monthly repayments can rise sharply if no action is taken1.
In 2026, this matters because mortgage rates remain much higher than many homeowners became used to during the ultra-low-rate years. Household budgets are still under pressure, and even a relatively small difference in rate can make a noticeable difference to monthly payments.
That does not mean everyone should rush into a new deal immediately. But it does mean homeowners should understand their options early, rather than waiting until their current rate is about to end.
Speaking to your mortgage broker or adviser early can help you understand what may be available, what your current lender can offer and whether it may be worth comparing the wider market.
Why starting early matters
One of the biggest mistakes borrowers make is waiting until their mortgage deal has already finished before looking for a new one.
By that point, they may have moved onto their lender’s SVR. That can mean paying more each month while trying to arrange a new deal.
It is usually sensible to start reviewing your options around three to six months before your current deal ends. Many lenders allow borrowers to secure a new rate in advance, which means you may be able to line up your next mortgage before your current deal finishes1.
That gives you time to compare options properly, gather paperwork and avoid making a rushed decision close to the deadline.
It can also give you some flexibility. If rates rise, having a deal arranged may provide reassurance. If rates fall before the new deal starts, your broker or adviser may be able to review the market again and check whether a more suitable option is available.
The key point is simple. Timing matters.
Do not assume staying with your current lender is best
Remortgaging does not always mean moving to a new lender.
Your current lender may offer you a new deal, known as a product transfer or product switch. This can sometimes be quicker and simpler than moving elsewhere because there may be less paperwork, fewer checks and lower legal or valuation costs1.
In some cases, product transfer rates can also be competitive.
But that does not mean you should automatically accept the first offer from your current lender. It should be treated as a benchmark.
Once you know what your existing lender is prepared to offer, your mortgage broker or adviser can help compare it with deals available elsewhere. The right option will depend on the rate, fees, your loan size, your circumstances and how much certainty or flexibility you want.
A slightly lower rate elsewhere may look attractive, but the overall cost still needs to be compared carefully.
Look beyond the headline rate
When comparing mortgage deals, it is easy to focus on the interest rate.
But the lowest rate is not always the cheapest deal overall.
Arrangement fees can make a significant difference. Some mortgage deals come with fees of around £1,000 or more. Others may have lower or no fees but a slightly higher interest rate1.
For borrowers with smaller mortgages, a high fee can sometimes wipe out the benefit of a lower rate. For borrowers with larger mortgages, the lower rate may still make sense.
That is why the total cost matters.
A proper comparison should include the monthly payment, arrangement fee, valuation fee, legal costs, exit fees and any early repayment charges. It should also look at the cost over the initial deal period, not just the first month.
Your mortgage broker or adviser can help compare deals on this basis, rather than simply looking at which rate appears cheapest at first glance.
Check your early repayment charge
Before moving to a new mortgage deal, you need to check whether your current mortgage has an early repayment charge.
Many fixed-rate mortgages include charges if you leave before the deal ends. These charges can run into thousands of pounds, depending on the size of your mortgage and the terms of your deal1.
That does not always mean moving early is the wrong decision, but the cost needs to be factored into the calculation.
You should know when your current deal ends, whether an early repayment charge applies, how much the charge would be, the date the charge stops applying and whether any exit or administration fees apply.
The aim is to avoid accidentally triggering a charge that could have been avoided by timing the new mortgage correctly. Your broker or adviser can help you review these details before you make a decision.
Know your loan-to-value
Your loan-to-value, often called LTV, is the percentage of your property’s value that is covered by your mortgage1.
For example, if your home is worth £300,000 and your mortgage is £210,000, your LTV is 70%.
This matters because lenders usually offer better rates to borrowers with more equity in their home. Someone borrowing 60% of their property’s value will often have access to more competitive rates than someone borrowing 90%.
Before reviewing your mortgage, it is worth getting a realistic idea of your property’s current value and checking how much you still owe.
If you are close to a lower LTV band, even a small overpayment or a slightly higher property valuation could improve the range of deals available to you.
However, property values can move in both directions. If your home is valued lower than expected, your LTV could be higher than you thought, which may affect the products you can access.
This is another reason to start early and speak to your mortgage broker or adviser before your current deal ends.
Think carefully before borrowing more
Some homeowners use a remortgage to borrow additional money. This might be for home improvements, debt consolidation or another major expense.
There are times when this can make sense, but it should never be treated as an automatic decision.
Adding borrowing to your mortgage may reduce the interest rate compared with a credit card or personal loan, but it can also mean paying the debt back over a much longer period. That can increase the total amount of interest paid.
A lower rate over 20 or 25 years can sometimes cost more overall than a higher-rate loan repaid over a much shorter period.
There are also risks. A mortgage is secured against your home, so increasing the debt secured on the property should be considered carefully.
If you are thinking about consolidating debts or borrowing more, it is important to speak to your mortgage broker or adviser and understand the full long-term cost.
Fixed or variable: what matters most to you?
One of the biggest decisions when reviewing your mortgage is whether to choose a fixed or variable rate.
A fixed-rate mortgage gives certainty. Your monthly payment stays the same for the length of the deal, which can make budgeting easier. This can be particularly valuable if your finances are already stretched or you would struggle if payments increased.
A variable or tracker deal may be attractive if you think rates could fall, but payments can move up as well as down. That means you need to be comfortable with uncertainty.
There is no single right answer.
The best choice depends on your attitude to risk, your household budget, your future plans and whether you value certainty more than flexibility.
The question is not simply which rate is cheapest today. It is which deal is suitable for the way you live, earn and manage your money. Your broker or adviser can help talk through the options and explain the potential benefits and risks of each route.
Get your paperwork ready
Even if you already have a mortgage, a new lender will still want to assess whether you can afford the new deal.
That means checking your income, spending, credit history and wider financial position.
If you have recently changed jobs, become self-employed, taken on more debt, missed payments or increased regular commitments, this could affect your options.
Before applying, it is worth checking your credit file, making sure you are on the electoral roll, reviewing bank statements and avoiding unnecessary new credit applications.
Lenders may ask for payslips, bank statements, proof of bonuses or commission, and tax information if you are self-employed.
If something unusual appears on your bank statements, be prepared to explain it. A regular payment to a family member, use of an overdraft or recent large transaction may raise questions during the application.
Your mortgage broker or adviser can help you understand what documents may be needed and whether there is anything that could affect your application.
Does your mortgage still fit your life?
A mortgage that suited you two or five years ago may not be the right fit today.
Your income may have changed. You may have had children. You may now work from home. You may want to overpay. You may be planning to move. You may need more payment certainty, or you may want greater flexibility.
For some borrowers, the priority will be the lowest possible monthly payment. For others, it may be paying the mortgage down faster, reducing the term, protecting against future rate rises or avoiding large fees.
You should also think about whether your mortgage term still makes sense.
Extending the term can reduce monthly payments, but it usually means paying more interest over the life of the loan. Shortening the term can save interest, but only if the higher payments are affordable.
These decisions should be made with the full picture in mind, and a conversation with your mortgage broker or adviser can help you understand the possible trade-offs.
The bottom line
If your mortgage deal ends later this year, or in early January 2027, do not leave it until the last minute.
Start by checking when your current deal ends, whether early repayment charges apply, how much you owe, what your home may be worth and what your current lender is prepared to offer.
Then compare the wider market, including fees and product features, not just the headline rate.
For many homeowners, the right mortgage decision could make a meaningful difference to monthly payments and long-term costs.
If your current deal is ending soon, or you are unsure whether your mortgage still suits your circumstances, speak to your mortgage broker or adviser early. They can help you review your current deal, compare your options and understand what may be suitable for your circumstances before you need to make a decision.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
References:
- MoneyHelper. (2026). Remortgaging to get the best deal | MoneyHelper. [online] Available at: https://www.moneyhelper.org.uk/en/homes/buying-a-home/remortgaging-to-cut-costs [Accessed 26 May 2026].
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 28th May 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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