Millions of homeowners face a looming decision as fixed-rate mortgage deals set to expire in 2026 are expected to result in significant payment increases for many. The Bank of England base rate has been on a rollercoaster ride since late 2021, and many borrowers will soon be facing an increase in their monthly payments when they switch to a new product.
However, there is some relief for those whose two-year fixed-rate deals are ending, as they will only need to pay hundreds of pounds more per month. But for others who have been with their existing lender since 2021 and are currently on a five-year deal, they may be looking at an even steeper price hike.
As interest rates continue to fluctuate, borrowers are being advised to prepare for the possibility of further rate cuts and consider switching to a base-rate tracker deal. While fixed rates are still typically cheaper than trackers, Hollingworth notes that as the Bank of England base rate edges down, this margin is narrowing, making trackers more appealing to those who expect further rate cuts.
One option for borrowers is to reserve a new deal now and wait to see what happens with interest rates. If the cost of new deals has come down, which many would argue seems likely, they can enquire about switching to a lower rate without being committed to that mortgage offer.
For others, remortgaging may be necessary due to other financial needs, such as financing home improvements or paying for work like a loft conversion. In this case, borrowing more from their existing lender might be the cheapest option. Borrowers should always check with their lender before doing so, as not all will allow further advances.
Ultimately, borrowers are being advised to weigh up the pros and cons of each option carefully, considering their individual circumstances and financial situation. With interest rates expected to continue to fluctuate, it is essential for homeowners to be prepared and plan ahead to avoid potential payment increases and take advantage of any potential rate cuts.
However, there is some relief for those whose two-year fixed-rate deals are ending, as they will only need to pay hundreds of pounds more per month. But for others who have been with their existing lender since 2021 and are currently on a five-year deal, they may be looking at an even steeper price hike.
As interest rates continue to fluctuate, borrowers are being advised to prepare for the possibility of further rate cuts and consider switching to a base-rate tracker deal. While fixed rates are still typically cheaper than trackers, Hollingworth notes that as the Bank of England base rate edges down, this margin is narrowing, making trackers more appealing to those who expect further rate cuts.
One option for borrowers is to reserve a new deal now and wait to see what happens with interest rates. If the cost of new deals has come down, which many would argue seems likely, they can enquire about switching to a lower rate without being committed to that mortgage offer.
For others, remortgaging may be necessary due to other financial needs, such as financing home improvements or paying for work like a loft conversion. In this case, borrowing more from their existing lender might be the cheapest option. Borrowers should always check with their lender before doing so, as not all will allow further advances.
Ultimately, borrowers are being advised to weigh up the pros and cons of each option carefully, considering their individual circumstances and financial situation. With interest rates expected to continue to fluctuate, it is essential for homeowners to be prepared and plan ahead to avoid potential payment increases and take advantage of any potential rate cuts.
. I mean, who doesn't love the idea of their monthly payments going up, up, up...? It's like a never-ending rollercoaster ride of financial stress 
. But seriously, folks, it's time to start thinking about this and not just hope that interest rates magically stabilise (they won't). I'm all for reserving new deals and waiting to see what happens - it's like playing a game of mortgage poker 
. And if you need to remortgage due to other expenses, make sure you check with your lender first - don't wanna get caught out 
. Just be prepared, plan ahead, and try not to lose too much sleep over it 
.
. Like, I get that the base rate is on a rollercoaster ride and all, but can't we just have some stability for once? 
Anyway, if you're thinking of switching deals or remortgaging in 2026, I'd say start looking around now, 'cause prices might drop before then 
. And if your lender does increase your rate, try to negotiate or consider a base-rate tracker deal - they're not so bad anymore 
. Just don't put everything on hold without doing some research and planning ahead, y'know? 
! Fixed-rate mortgage deals are like a ticking time bomb - we all know they're gonna expire soon and leave us scrambling for new ones. I mean, who can afford an increase in payments? 
.
It's like the bank is trying to rip them off or something! 
Anyway, I think it's a good idea for people to reserve a new deal now and wait to see what happens with interest rates. That way they can maybe get a better rate if it comes down. 
And yeah, borrowing more from their existing lender might be the cheapest option for those who need cash for home improvements or something. Just gotta make sure to check with your lender first, you know? 
with those fixed-rate deals expiring in 2026... expect payment hikes 
it's defo worth reserving a new deal now and waiting for the perfect moment to switch 
or maybe you need cash for home improvements... just gotta check with your lender first 
... seriously though, all these mortgage deal changes are so confusing! If you're stuck with a five-year fixed-rate deal ending in 2026, it's like trying to cram all your expenses into one giant spreadsheet without any clear columns 
.
. It'll help you stay organized, trust me! And if you do decide to switch deals or remortgage, make sure to review all the terms and conditions before signing anything 
... just saying.
I feel so bad for people who are gonna see their mortgage payments sky-rocket in 2026! 
It's like, they're already struggling to keep up with the bills, and then suddenly their fixed-rate deal is ending and they have to switch to something way more expensive. 
Can't we just get some stability on interest rates for once? 
I feel like some people get lucky with fixed rates that don't increase too much when they switch, but others are stuck with huge price hikes. It's like the Bank of England is playing a cruel game of musical chairs with interest rates. Anyway, I think it's smart of those who can to reserve new deals now and wait for the rate to go down. But what about people who need to remortgage because of other expenses? That just adds more stress to an already tricky situation 
! those who can adapt & switch gears will come out on top 
, but for others, it's like being stuck in traffic - gotta find a new route 
. I think it's smart for borrowers to keep an eye on the market and reserve a new deal if they think rates might drop 
!
like, have we got enough money saved up to cover those extra payments? 
. I mean, some people will only lose like £200-£300 per month when their fixed rates end, but others are looking at a £500+ hike 
. Remortgaging might even be the way to go if u need cash for somethin else, but u gotta check with ur lender first