Bank of England estimates that around 3.9 million UK homeowners will soon move onto higher mortgage rates as their current deals end. For many, this could mean monthly payments rising by around 8%—roughly £64 extra each month for the average homeowner*. If your fixed-rate deal is ending soon, you could be one of the households facing a jump in costs.
The Bank of England will review the base rate on Thursday 18 December. Many expect a small cut, which could bring some relief—but it won’t happen overnight. Fixed-rate deals won’t change until they expire, and even if rates fall, lenders may adjust slowly. That’s why planning ahead matters. Acting fast could help you lock in a competitive deal BEFORE your payments rise.
Why this matters if you’re a homeowner
Higher repayments can put real pressure on household budgets, especially for those coming off fixed-rate deals. While there’s talk of interest rates easing, the timing and impact remain uncertain, and lenders may not adjust immediately. At the same time, more lenders are competing for business, which means there are opportunities to secure better remortgage deals — if you know where to look. Or more importantly, who to talk to.
How we’ll help?
We’ll review your current deal and help you prepare before it ends. While it’s ideal to start looking 6 months before your deal ends, you don’t have to wait. If your home has increased in value or your financial situation has improved, you might qualify for a better remortgage deal — even if you’re mid-term. Just be aware of any early repayment charges and weigh them up against potential ongoing savings which your adviser will help calculate it for you. Your mortgage adviser will also be able to compare the market – not just the big names – and help find the best fit for you.
What you can do now
Check when your fixed rate ends and talk to us about it. We’ll guide you through your options and help you secure the best deal for your circumstances. Remortgaging is a smart move for any homeowner looking to take control of their mortgage. Whether you’re nearing the end of your fixed term or just curious about what’s out there, speaking to us could be the first step toward a better deal.
Click here or call us today on 08000 38 37 36.
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