Most homeowners should start remortgaging three to six months before their fixed rate ends.
That early window gives you time to compare options, avoid rolling onto your lender’s Standard Variable Rate, and make a clear decision without last-minute pressure.
With UK Finance forecasting around 1.8 million fixed rate mortgages due to expire in 2026, many homeowners will be reviewing their options at the same time. Planning early matters.
Why this matters more in 2026
Mortgage rates today are significantly different from the ultra-low rates many homeowners secured between 2020 and 2022.
According to publicly available market data:
- Average Standard Variable Rates are typically above 6 percent
- Many fixed deals during the low-rate period were below 3 percent
That gap is where the stress comes from.
For homeowners in areas like Sleaford, where average property values often sit between £180,000 and £250,000, even a small rate change can materially affect monthly budgeting.
Mortgage pricing is heavily influenced by movements in the Bank of England base rate, which you can view directly on the official Bank of England website.
A practical example
On a £200,000 mortgage over 25 years:
- At 2.5 percent, repayments are roughly £900 per month
- At 6.5 percent, repayments are roughly £1,350 per month
That is around £450 more each month.
These figures are illustrative, but they show why preparation matters.
A simple repayment comparison
To make this easier to visualise, here is a basic illustration based on:
- £200,000 mortgage
- 25-year term
- Capital and interest repayment
- No fees included
These figures are for illustration only and do not reflect a specific lender or product.
| Interest Rate | Estimated Monthly Repayment | Estimated Annual Repayment |
|---|---|---|
| 2.5% | ~£900 | ~£10,800 |
| 4.5% | ~£1,110 | ~£13,320 |
| 6.5% | ~£1,350 | ~£16,200 |
Difference between 2.5% and 6.5%:
Approximately £450 per month
Approximately £5,400 per year
Even a 2 percent rate difference can mean around £200 per month on this example.
Again, these figures are purely illustrative, but they show why reviewing your mortgage before it rolls onto a higher rate is important.
What actually happens when your fixed rate ends?
If you do nothing, most lenders automatically move you onto their Standard Variable Rate.
That rate:
- Is usually higher than fixed deals
- Can change over time
- Offers less certainty
Some homeowners choose to sit on SVR temporarily if they are planning to move. But most people do not intend to move onto it at all.
We regularly meet clients in Sleaford who assumed their lender would contact them with the best option automatically. In reality, lenders will write to you, but they will not compare the wider market for you.
That is your responsibility, or your adviser’s.
The three biggest mistakes we see locally
1. Leaving it too late
We often speak to clients only weeks before their fixed rate ends.
By that stage:
- Paperwork feels rushed
- Decisions feel pressured
- Anxiety increases
Starting three to six months early gives you room to think clearly.
2. Assuming loyalty equals best value
Some clients believe their existing lender will automatically reward loyalty.
Sometimes they do. Sometimes they do not.
If your property has increased in value over the last five years, your loan-to-value ratio may now sit in a different bracket. That can unlock access to more competitive products elsewhere.
Without reviewing the wider market, you simply do not know.
3. Focusing only on the headline rate
This is the most common trap.
Two deals might look similar:
- 4.85 percent with a £999 fee
- 4.95 percent with no fee
Depending on your mortgage balance, the slightly higher rate could actually cost less overall.
Then there are questions like:
- Do you plan to move within two years?
- Do you want overpayment flexibility?
- Are you self-employed or receiving bonus income?
The cheapest rate is not always the most suitable product.
The real pain points we hear
When clients come into our Sleaford office, the concerns are rarely about percentages.
They are about:
- “Will our payments jump suddenly?”
- “Have we missed the best time?”
- “What if rates fall after we fix again?”
- “What if we make the wrong decision?”
Nick Spolton and the team have decades of combined banking and mortgage experience, including senior roles within Lloyds Bank prior to founding Spolton Mortgages.
Our job is not just to compare rates.
It is to remove uncertainty.
A simple remortgage readiness checklist
If your deal ends within the next six months:
✔ Confirm your exact expiry date
✔ Check if early repayment charges apply
✔ Ask your lender when you can secure a new rate
✔ Review your income and affordability
✔ Compare staying versus switching
You do not need to manage this alone. That is what proper advice is for.
You can learn more about how our remortgaging advice service works.
What our clients say
“Nick, Seth and the team have been fantastic throughout our remortgage application… Nick and Seth both ensured everything was in hand and we got the best deal.”
Another returning client said:
“Nick and the team are excellent and nothing is ever too much for them. The team ensure that the process runs as smoothly as possible.”
A verified VouchedFor review from Lincolnshire added:
“Nick talked us through and explained in detail all our options… All our questions were answered and the process was as stress free as we could have hoped for.”
The bottom line
If your fixed rate ends within the next three to six months, now is the right time to review it.
Not because of headlines.
Not because of pressure.
But because preparation gives you clarity.
Spolton Mortgages
6 Mill House, Carre Street, Sleaford
01529 300500
Or search for Spolton Mortgages
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
