As five-year fixed-rate mortgage deals are set to expire in 2026, millions of homeowners face a potentially hefty jump in their monthly payments. If you're one of them, knowing when your deal ends is crucial. With interest rates on a rollercoaster ride since late 2021, borrowers can expect to either save hundreds of pounds per month or face higher repayments.
For those whose two-year fixed deals are ending, it's possible to secure an even better rate than the original one they had. This could be a tempting option for those looking to lower their monthly payments. However, for five-year fixers, the situation is less clear-cut, with some borrowers facing higher rates if interest rates rise.
The Bank of England base rate cuts are anticipated this year, which could lead to further reductions in new mortgage deals. Borrowers should weigh up their options carefully and consider whether they want a fixed-rate deal or a base-rate tracker, which moves in line with the official rate.
While some lenders throw in free valuations and legal services when borrowers remortgage, doing your own research is essential. Best-buy tables published by Moneyfacts and MoneySavingExpert can help you compare deals from different lenders. Additionally, mortgage brokers can assist with product recommendations, paperwork, and ensuring a "whole of market" approach to finding the best deal.
Borrowers should reserve a loan now if their current deal ends within six months, as offers are typically valid for this period. If rates have fallen since your original deal was secured, you may be able to switch to a lower rate without losing any product fees.
For those who need to borrow more money for home improvements or other expenses, it's worth asking your lender if they offer further advances. This can sometimes be the cheapest option, but not all lenders will allow it.
For those whose two-year fixed deals are ending, it's possible to secure an even better rate than the original one they had. This could be a tempting option for those looking to lower their monthly payments. However, for five-year fixers, the situation is less clear-cut, with some borrowers facing higher rates if interest rates rise.
The Bank of England base rate cuts are anticipated this year, which could lead to further reductions in new mortgage deals. Borrowers should weigh up their options carefully and consider whether they want a fixed-rate deal or a base-rate tracker, which moves in line with the official rate.
While some lenders throw in free valuations and legal services when borrowers remortgage, doing your own research is essential. Best-buy tables published by Moneyfacts and MoneySavingExpert can help you compare deals from different lenders. Additionally, mortgage brokers can assist with product recommendations, paperwork, and ensuring a "whole of market" approach to finding the best deal.
Borrowers should reserve a loan now if their current deal ends within six months, as offers are typically valid for this period. If rates have fallen since your original deal was secured, you may be able to switch to a lower rate without losing any product fees.
For those who need to borrow more money for home improvements or other expenses, it's worth asking your lender if they offer further advances. This can sometimes be the cheapest option, but not all lenders will allow it.
so I'm thinking like a lot of people are gonna wanna switch their mortgages in 2026 cuz rates are about to drop and who wants to pay more 
? but what's crazy is that some 5-year fixes might actually go up if rates rise 
and then you're stuck with a higher payment for the next 5 years 
. I mean, some people have been lucky enough to get new deals with lower rates when their old ones ended, so fingers crossed for them 
but others are gonna be left struggling 
. anyone got any tips on how to navigate this? 
...and don't even get me started on tracker rates - can be a good option if interest rates go down, but it's all about understanding how they work 
...some of these best-buy tables are super helpful, but you still need to crunch the numbers yourself 
u gotta be careful w/ mortgage deals rn! so many ppl r gettin hit with huge pay increases cuz interest rates r high... like, its good 2 save money on ur payments, but if u cant afford it, its a real problem 
. i wish the gov would make some changes 2 help ppl out more... like, more affordable options 4 those w/ lower incomes 
. and dont even get me started on how confusing all these new deals r... gotta do ur own research & be smart about it 
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. Some lenders might charge you for switching to a lower rate, so it's worth knowing what you're getting yourself into. And if you need more cash for home improvements, ask your lender about further advances – but be aware that not all will offer this option 
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. And let's not forget that not all lenders will offer further advances for home improvements or other expenses, so that might be a no-go for some folks 
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. And for people who need more money for home improvements, ask your lender if they have further advances available - sometimes it's the cheapest option 
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. But for real, those five-year fixed-rate deals are about to get axed, and it's anyone's guess whether you'll be saving or losing money. It's like the lender is playing with fire 
, and borrowers need to keep their wits about them to make smart decisions. I'm all for exploring other options, like base-rate trackers, but we need more transparency from lenders so people can make informed choices 
. It's like a financial shockwave is coming our way. For those who thought they were getting away scot-free, the fact that rates might rise again is really scary 
... back in my day, you'd sign a deal and stick with it for years, no fuss. Now, borrowers gotta stay on their toes, wondering if they'll get nailed by higher rates. It's all so confusing! 