Fixed mortgage ending in 2026? How to lock a new rate before November
Around 1.5 million fixes end this year. Here is how to secure a rate early and avoid drifting on to the SVR
If your fixed mortgage deal ends in the next six months, you are one of around 1.5 million households in the same position this year. This guide explains what has changed with rates, how to lock in a new deal early, and how to choose between a product transfer and a full remortgage. Information only, not personal advice.
Why timing matters right now
The Bank of England held its base rate at 3.75% on 17 September 2026, but the vote was 6 to 3, with three members wanting a rise to 4%. Markets now think a rise on 5 November is more likely than not. Lenders price fixed deals off expectations rather than the current rate, so fixed rates have already edged up through September.
None of that means you should panic. It does mean that waiting until the month your deal ends removes your options. Lenders let you reserve a new rate up to six months in advance, and most will let you swap to a cheaper deal before completion if rates fall in the meantime. That is the closest thing to a free option you get in mortgages, so use it.
Step 1: find your end date and your SVR
Check your original offer letter or your lender's app for the exact date your fixed rate ends. Then find the standard variable rate (SVR) you would move on to. SVRs are typically 7% or more, so a £200,000 repayment mortgage with 20 years left could cost several hundred pounds a month more than a new fixed deal. Even one month on the SVR is money you do not need to spend.
Step 2: decide between product transfer and remortgage
| Product transfer | Remortgage | |
|---|---|---|
| Who | Your current lender | A new lender |
| Affordability check | Usually none if you are not borrowing more | Full application |
| Legal work and valuation | Not normally needed | Usually needed, often free with the deal |
| Speed | Days | Weeks |
| Choice of rates | One lender's range | Whole market |
A product transfer is quick and does not need a new affordability check, which helps if your income has dropped or your circumstances have changed. A remortgage lets you shop the whole market and can be cheaper, but it takes longer and involves more paperwork. Many people check both and take whichever is cheaper over the deal term, including fees.
Step 3: compare the total cost, not just the rate
A lower rate with a £999 fee can cost more than a slightly higher rate with no fee, especially on smaller balances. Work out the monthly payment plus the fee spread across the deal term. Check a comparison site or your lender's own calculator for today's rates. A mortgage broker can search the market for you, and many are paid by the lender rather than by you.
Step 4: lock it, then keep watching
Once you have chosen a deal, apply and get it reserved. Set a reminder to check rates again a month before your current deal ends. If fixed rates have fallen, ask your lender or broker to switch you to the better deal before it completes. If rates have risen, you keep the rate you reserved.
Watch out for
- Letting the deal lapse. Diarise the end date and the six-month window before it.
- Early repayment charges. Do not complete the new deal before the old one ends unless you have checked the charge.
- Borrowing more at the same time. It moves you from a product transfer to a full application.
- Choosing a two-year fix because it is cheapest today. Think about where you want to be when it ends, not just the monthly figure now.
The base rate decision on 5 November may move fixed rates again. Reserving early and keeping the right to switch protects you either way.