Facts at a Glance
UK Mortgage Rates: Where Things Stand
Bank Rate: 3.75%, held on 17 September 2026
MPC vote: 6–3 to hold Bank Rate at 3.75%
Average UK 2-year fixed mortgage rate: 5.92%
Average UK 5-year fixed mortgage rate: 5.94%
Fixed-rate mortgages due to expire in 2026: around 1.8 million
Next Bank of England decision: 5 November 2026
Figures checked 24 September 2026. Mortgage rates and lender products can change, so check the latest figures before making a decision.
Sources: Bank of England, Moneyfacts, UK Finance.
Quick Answer: Should You Remortgage Now?
If your fixed-rate mortgage ends within the next six months, it is worth reviewing your options now rather than waiting until your current deal expires. Mortgage rates have moved higher in recent weeks, even though the Bank of England has kept Bank Rate at 3.75%.
If you’re asking should I remortgage now, the answer depends on your current rate, when your deal ends, your mortgage balance, early repayment charges and the options available to you. In many cases, you can secure a new rate ahead of time, then review it again before your new deal starts if a better option becomes available.
The aim is not to predict the perfect time to remortgage. It is to understand your options early enough that you are not forced to make a decision at the last minute.
Mortgage Rates Are Moving. Here’s What’s Actually Happening
Mortgage borrowers have had a difficult few weeks.
The Bank of England held the Bank Rate at 3.75% on 17 September, but the vote was split 6-3, with three members preferring an increase to 4%. At the same time, several major lenders have increased selected fixed mortgage rates.
Moneyfacts reported further increases across the mortgage market during September, with average fixed rates moving higher. Its latest figures, updated on 23 September, put the average UK two-year fixed rate at 5.92% and the average UK five-year fixed rate at 5.94%.
This does not mean every mortgage rate has gone up by the same amount, or that every borrower will be offered these rates. Your rate will depend on factors such as your loan-to-value, mortgage amount, income, credit history and the lender’s criteria.
The important point is that fixed mortgage rates can change even when Bank Rate does not.
That is why homeowners coming towards the end of a fixed deal need to look beyond the next Bank of England announcement.
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Why Are Mortgage Rates Rising If the Base Rate Hasn’t Changed?
This is one of the most common points of confusion.
It is easy to assume that fixed mortgage rates simply follow the Bank of England’s base rate. They don’t.
The Bank Rate influences the wider cost of borrowing, but fixed mortgage pricing is also affected by the cost of wholesale funding and market expectations. Swap rates are one of the key influences on the pricing of fixed-rate mortgages.
When those market rates move, lenders can change the pricing of their fixed mortgage products even if the Bank of England has left Bank Rate unchanged.
Moneyfacts reported that recent lender repricing was being driven by volatility in swap rates, with inflationary concerns and higher energy prices also putting pressure on mortgage pricing.
UK Finance has explained that changes in wholesale funding costs can feed through into the pricing of new mortgages, meaning fixed mortgage rates can move even when Bank Rate remains unchanged.
This is why the following two statements can both be true:
The Bank of England has not raised the Bank Rate.
and
Some fixed mortgage rates have gone up.
Tracker mortgages work differently. A tracker normally follows a reference rate, usually Bank Rate, plus or minus a set margin. As a result, changes to Bank Rate can have a more direct effect on tracker borrowers.
For fixed-rate borrowers, the bigger question is what mortgage rates are available when their current deal ends.
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What’s Happening at the Bank of England?
The Bank of England held the Bank Rate at 3.75% on 17 September 2026.
The decision was not unanimous. Six members voted to maintain the rate, while three voted for a 0.25 percentage-point increase to 4%.
The Bank has also highlighted the effect of higher and volatile energy prices on the inflation outlook. The Bank’s latest information says energy prices remain volatile due to the ongoing conflict in the Middle East and that inflation risks have increased.
The next scheduled Monetary Policy Committee decision is 5 November 2026.
That does not tell us exactly where mortgage rates will go next.
A future Bank Rate increase could affect variable and tracker mortgages more directly, while fixed mortgage pricing will continue to respond to market conditions, funding costs and expectations.
For someone with a fixed deal ending soon, the important thing is not trying to predict the November decision. It is making sure you understand your options before your current mortgage expires.
Is Now a Good Time to Remortgage?
If your current fixed-rate deal ends within the next six months, now is a sensible time to start reviewing your options.
The Government’s Mortgage Charter allows customers with participating lenders to lock in a new mortgage deal up to six months before their fixed-rate deal ends. They can also request a better like-for-like deal with their lender right up until the new deal starts, if one is available.
That gives you something valuable in a changing market: time.
You can look at the rates available today without necessarily having to commit to taking that exact deal on the day you book it. The precise arrangements vary between lenders, so check whether any fees apply and what happens if you later change your mind.
Why acting early can matter
If mortgage rates rise after you secure a new rate, having that rate available can give you protection against the increase.
If rates fall, you may be able to review the deal again before completion. The FCA confirms that Mortgage Charter signatories allow customers to request a better like-for-like deal with the same lender before the new deal starts, if one is available.
That does not mean you should automatically lock in the first rate you see.
It means you can start the process before you are under pressure to make a decision.
There is also a significant number of borrowers reaching this point during 2026. UK Finance forecasts that around 1.8 million fixed-rate mortgages are due to come to an end during 2026.
What could a small rate increase mean?
Consider a simple illustration.
Suppose you have a £250,000 repayment mortgage with 25 years remaining.
At an interest rate of 5.63%, the monthly repayment would be approximately £1,555.
At 5.88%, it would be approximately £1,592.
That’s a difference of around £38 a month, or approximately £456 a year.
This is only an illustration. It does not include fees, changes in mortgage term or differences in lender criteria, and your actual repayment will depend on your circumstances. The point is simply that a relatively small movement in the interest rate can make a noticeable difference when applied to a large mortgage balance.
Don’t try to time the perfect rate
Nobody knows exactly where mortgage rates will be next month or next year. Waiting for a better rate could work in your favour if rates fall. It could also leave you paying more if rates rise.
The more practical approach is to understand your options early, compare the overall cost of the available deals and make a decision based on your own circumstances rather than trying to predict the market.
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What Happens If You Do Nothing?
If your fixed-rate mortgage ends and you have not arranged another deal, you will normally move onto your lender’s Standard Variable Rate (SVR).
Your lender sets its own SVR, and it is usually higher than its introductory fixed or tracker products. That can result in a significant increase in your monthly repayments.
Moving onto an SVR is not necessarily a permanent decision. You can usually arrange another mortgage deal afterwards, subject to the lender’s criteria and your circumstances. The problem is that doing nothing means you are allowing the next step to happen automatically rather than comparing your options in advance.
We recommend starting to review your mortgage around six months before a fixed deal ends.
If your deal is coming to an end, put the date in your calendar and start looking early.
Fixed rate ending within six months? We can compare your existing lender’s product-transfer options against the wider mortgage market.
Staying With Your Current Lender vs Switching
When your fixed-rate deal is ending, you don’t necessarily have to move to another lender. There are two main routes to consider:
Product Transfer: Staying With Your Current Lender
A product transfer means moving onto a new mortgage deal with your existing lender. It can be a relatively straightforward option, particularly if you’re simply switching products without changing your borrowing.
However, your current lender only has access to its own products, so the simplest option is not necessarily the most suitable one.
Full Remortgage: Switching Lender
A full remortgage means moving your mortgage to a different lender. This involves a new application and an assessment of your circumstances and affordability.
The main advantage is access to a wider range of lenders and products. When comparing them, it’s important to look beyond the headline interest rate. Fees, incentives, loan-to-value, early repayment charges, mortgage term and lender criteria can all affect the overall cost and suitability.
This is where independent mortgage advice can be particularly useful.
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Mortgage Broker John Everest: What I’d Do Six Months Before a Fixed Rate Ends
“My view is that it’s worth starting the remortgage conversation early rather than waiting until your current deal expires. Starting around six months before your fixed rate ends gives you time to look at your options without feeling rushed.
I regularly see borrowers leave things until quite late, which can put them under pressure to simply accept their existing lender’s product transfer because it feels like the easiest option. I wouldn’t assume that staying with your current lender is automatically the right answer just because a product transfer is easier. Equally, moving to a new lender isn’t always the better option.
It comes down to your individual circumstances, including your mortgage balance, property value, current rate, early repayment charges, income and what you want to achieve over the next few years.
If you secure a new rate early and rates improve before your new deal starts, there may also be an opportunity to review the rate again, depending on the lender and the circumstances. The important thing is to understand your options before you have to make a decision.”
How Everest Mortgages Can Help You Remortgage
If your mortgage deal is coming to an end, Everest Mortgages can review your current position and help you understand the options available. If you want a broader look at the process, you can also read our complete guide to remortgaging in 2026, which covers what to consider before switching your mortgage and how the process works.
As a whole-of-market mortgage broker, Everest Mortgages can compare options from across the mortgage market rather than only considering products from your existing lender. The team can compare lenders based on factors including affordability, loan-to-value, criteria, fees and the overall suitability of the mortgage.
The process starts with understanding your current mortgage and what has changed since you took it out.
That can include:
- Your current interest rate and mortgage balance
- When your existing deal ends
- Any early repayment charges
- Your income and financial commitments
- Your property’s current value
- Whether you want to change your mortgage term
- Whether you need to raise additional funds
- Your plans for the property
From there, Everest can help you compare staying with your current lender against the wider remortgage market and guide you through the application process.
If you’re unsure how much you could borrow or how your current borrowing compares with your circumstances, you can also use the Everest mortgage calculator to explore your position.
For homeowners looking specifically for local advice, Everest’s remortgage broker service in Brighton provides whole-of-market advice and support from the initial review through to completion.
- Totally impartial — we work for you, not the lender
- Whole-of-market access to thousands of deals
- Flexible appointments — evenings & weekends available
- We handle all the paperwork & lender negotiations
- FCA regulated — your advice is always protected
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Get in TouchFAQs
If you’re considering remortgaging, you may have questions about timing, rates and whether you should stay with your current lender or switch. Here are some of the most common questions homeowners ask.
Should I remortgage now or wait?
If your fixed-rate deal ends within the next six months, it is worth reviewing your options now. You may be able to secure a new rate in advance, giving you protection if rates rise while still allowing you to review your options before the new deal starts.
Why are mortgage rates rising if the Bank of England held the base rate?
Fixed mortgage rates are influenced by swap rates, wholesale funding costs and market expectations as well as Bank Rate. This means lenders can change fixed-rate pricing even when the Bank of England leaves Bank Rate unchanged.
How early can I remortgage before my fixed deal ends?
Mortgage Charter signatories allow customers to lock in a new deal up to six months before their existing fixed-rate deal ends. Individual lender rules can vary, so check the terms that apply to your mortgage.
What happens if my fixed-rate mortgage ends and I do nothing?
Your mortgage will normally move onto your lender’s Standard Variable Rate (SVR). SVRs are usually higher than introductory fixed-rate products, so your monthly repayments could increase.
Is a product transfer better than remortgaging with a new lender?
Neither option is automatically right for everyone. A product transfer can be simpler, while switching lenders gives you access to a wider range of products. The right choice depends on your circumstances, the available rates and the overall cost.
Will mortgage rates go up again this year?
Nobody can say with certainty. The Bank of England held Bank Rate at 3.75% in September, but three MPC members voted for an increase and the Bank has highlighted continued inflation risks. The next scheduled decision is 5 November 2026.
What’s the difference between a tracker and a fixed-rate mortgage?
A fixed-rate mortgage keeps the same interest rate for the agreed deal period. A tracker normally follows a reference rate, usually Bank Rate, plus a set margin, so the rate and repayments can change when the underlying rate changes.
Thinking About Your Next Remortgage?
If your fixed deal is ending in the next few months, it is worth understanding your options before rates or lender criteria change again.
You don’t need to predict where the mortgage market will go. You need to know what your current deal is costing, when it ends and what alternatives are available.
Speak to Everest Mortgages to review your circumstances and explore your remortgage options across the market.
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Mortgage Disclaimer
Your property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Mortgage rates and lender criteria can change and are subject to availability. The information in this article is based on market conditions at the time of publication and should not be treated as a guarantee of future rates or mortgage availability. Your eligibility and the rate available to you will depend on your individual circumstances and the lender’s criteria.
Early repayment charges may apply if you leave your existing mortgage before the end of your current deal. Check your mortgage terms and any applicable charges before switching.
Everest Mortgage Services is authorised and regulated by the Financial Conduct Authority. We may charge a fee for mortgage, insurance or equity release advice and arrangement services.
