With around 1.8 million fixed-rate mortgages due to end in 2026, a lot of households are facing the same decision at roughly the same time.
Whether to remortgage, switch lenders, take a product transfer or stay put.
The answer is not always straightforward, and getting it wrong can cost more than most people expect.
Borrowers who miss their deal end date often end up on their lender’s standard variable rate by default.
Typical Standard Variable Rates run between 6.5 per cent and 7.5 per cent; the average in May 2026 was 7.13 per cent.
On a £200,000 mortgage over 30 years, that is £1,348 a month.
At May 2026’s average five-year fixed remortgage rate of 5.70 per cent, the same mortgage costs £1,161: almost £200 less.
The mistake I see most often is people treating a remortgage like a simple rate comparison.
These are the five mistakes Sam urges borrowers to avoid before switching mortgage provider
|
GETTY
The cheapest headline rate can be the wrong deal once you add fees, timing, affordability, future plans and the lender’s criteria.
A good switch should reduce pressure where possible, but it also has to fit your plans, your finances and the way your life may change over the next few years.
Here are five questions worth asking before you move:
1. When does my current deal end?
If your deal ends within six months, start looking now.
Review your current rate, monthly repayment, outstanding balance, deal type, end date, mortgage term, loan-to-value and whether an early repayment charge applies.
Most of this should be on your mortgage statement, annual summary or lender app.
Many lenders let you lock in a rate before you need it. That gives you some cover if rates move up, while still leaving room to switch if something better appears before completion.
Don’t wait around until the last minute.
Experts anticipate modest downward movements in rates throughout 2026, which should help bolster demand in the housing market | GETTY
2. What will it cost to leave?
Leaving a deal early can trigger an early repayment charge.
Ask the lender for the exact number, including any early repayment charge, exit fee or deeds release fee on the date you want to complete.”
3. Will the new lender accept you?
Having a mortgage already does not mean the next lender will say yes. Switching to a new provider means going through a full affordability assessment from scratch.
Income, debts, outgoings and credit history all get looked at.
Salary, bonuses, commission, benefits and second jobs may be weighed against debt repayments, school fees, utilities and regular spending.
Before any lender pulls your file, pull it yourself.
Experian, Equifax and TransUnion each hold a version of your credit record, and errors do happen. If you are turned down, stop and find out why before you apply again.
4. Has your property value shifted your loan-to-value?
Your loan-to-value, or LTV, is the share of your property’s current value still owed on the mortgage. If you owe £225,000 on a £300,000 home, your LTV is 75 per cent.
Rates often change at 90 per cent, 80 per cent, 75 per cent and 60 per cent LTV.
If your property has gone up in value, or your balance has come down, you may sit in a better band than when you first took the mortgage out. If values have fallen, the opposite can happen.
5. Does this mortgage still make sense in three years?
“A fixed deal gives certainty on payments, but you will not benefit if rates drop during your term. A tracker moves with Bank of England’s Base Rate.
A discounted variable follows the lender’s standard variable rate at a set margin below it.
Think about where life is heading. A house move, renovation, going self-employed or overpaying a lump sum can make a rigid long-term fix awkward.
A longer fix can keep fees down and give some protection if lending criteria tighten, but it can also lock you in when you would rather have options.
Pick the mortgage that still fits if your plans change, not just the one with the lowest rate today.”