If your fixed-rate mortgage is ending in 2026, you’re certainly not alone. Millions of homeowners across the UK will see their deals expire next year, and many are already asking:
• “What happens when my fixed rate ends in 2026?”
• “Will my mortgage repayments increase?”
• “Should I remortgage early?”
At Green & Green, we specialise in helping homeowners across Hull and the East Riding plan ahead with confidence. Here’s your clear, jargon-free guide to what really happens when your fixed deal runs out and how to prepare for the best possible outcome.
When Your Fixed Rate Ends, You Move to Your Lender’s Standard variable rate (SVR)
When your fixed rate mortgage expires, you are automatically switched onto your lender’s Standard Variable Rate (SVR) if you fail to find a new deal either with your current lender or a new lender.
And this is where the problem often begins.
SVRs are usually:
• Significantly higher than fixed rates – Typically 3% above the Bank of England base rate.
• Not protected from rate increases – If rates go up, so does yours.
• For many households, moving onto the SVR in 2026 could mean a sharp rise in monthly payments sometimes by hundreds of pounds.
What Will Mortgage Rates Look Like in 2026?
While nobody can predict the market with perfect accuracy, most forecasts suggest that 2026 will continue to stabilise after recent volatility, with many lenders already pricing in expectations for lower inflation and more settled Bank of England base rates. The general outlook from economists is that the base rate should fall to 3% over the course of the year.
For homeowners, that means:
• More competition between lenders driving down interest rates.
• Potentially more affordable fixed-rate options.
• More choice and flexibility than we’ve seen in recent years as lenders look to relax their criteria as the mortgage market heats up.
This makes 2026 a potentially strong year to remortgage as long as you plan ahead.
Your Options When Your Fixed Rate Ends in 2026
1. Remortgage to a New Lender
This is the most popular choice for improving your rate and reducing your monthly payments. This is dependent on whether a new lender is the cheapest option, often high street lenders offer discounted interest rates for existing customers to keep hold of them.
The benefits of moving lender include:
• Access to new customer rates – although high street lenders offer lower rates for existing customers, some lenders offer their lowest rates for new customers to attract them.
• Potentially lower repayments – A lower interest rate than you currently have will naturally reduce your monthly repayments.
• Ability to raise additional funds (e.g., home improvements)
• Ability to amend your term – this could be shortening it if your budget allows, or extending it to make your monthly repayments more comfortable.
2. Switch to a New Product with Your Current Lender (Product Transfer)
A simpler, quicker option often with no legal work, no valuation fees and no credit check necessary. You may not get the absolute lowest rate on the market, but it can still save you money but most importantly it can save you time which is crucial if you have left reviewing your mortgage to the last minute.
3. Do Nothing and Move to SVR
This is rarely the best financial choice, but it does give complete flexibility.
If you’re unsure about future plans such as a potential house move, it can work temporarily but costs more. The benefit of moving onto the standard variable rate is that you do not tie yourself into a new deal which will cost you money to get out of. So if you are planning of moving near the end of your current deal, letting it expire and paying the higher monthly repayments may be more cost effective than tying yourself into an expensive exit fee.
When Should You Start Planning for 2026?
Lenders allow you to secure a new rate up to six months early, meaning many 2026 maturities can be reviewed well before the year begins. By being proactive you give yourself (and your adviser) plenty of time to find the perfect deal, submit the paperwork and complete the legals before your current deal expire.
At Green & Green, we monitor the market daily. If a better rate becomes available after you’ve secured one, we can often switch you again before completion ensuring you never miss out.
How Much Could You Save?
Every case is unique, but many clients coming off fixed deals from 2022/23 will benefit from:
• Reduced repayments compared to their predicted SVR
• Access to exclusive broker-only products
• Tailored guidance on term lengths, product types, and lender criteria
• Lower rates as standard compared to those available in 2023
Even a small drop in interest rate can make a big impact over the years ahead.
Why Speak to a Mortgage Adviser Before Your Fixed Rate Ends?
At Green & Green, our job is simple:
We help you avoid overpaying and secure the mortgage that fits your life not just your lender’s criteria.
What you can expect from us:
• A full review of your current mortgage
• A clear explanation of every option available
• Access to deals you won’t find online which can save you £1,000s
• Ongoing support right through to completion
• All paperwork completed on your behalf saving you hours of your time
Whether your deal ends in January or December 2026, early preparation is the key to protecting your finances.
If your fixed rate ends in 2026, now is the perfect time to explore your options and prevent your repayments increasing unnecessarily.
Speak to a local, independent expert today, We’re here to guide homeowners across Hull and the East Riding every step of the way.
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