27/05/2026
Is your mortgage rate due for renewal soon?
In April, available interest rates started to rise due to current global and economic conditions. They are still below the levels we saw throughout 2025, but they are higher than they were at the start of this year.
If your mortgage rate is due to expire soon, this could mean a higher monthly payment and uncertainty about the best time to secure a new rate.
Over the past few weeks, some high street lenders have reduced their rates, including Halifax, Barclays, and Skipton, just to name a few. However, rates remain very changeable, so they could continue to rise or fall going forward.
As a broker, I have access to over 100 lenders, which allows me to check rates with your current lender and see whether there may be a better deal available elsewhere. Most lenders allow you to secure a new rate within 3–4 months of your current deal expiring, and some are happy to reserve a new rate up to 6 months in advance.
With most lenders, you can choose a new rate yourself. However, by doing this, you may not know whether there is a cheaper or more suitable rate available.
If rates go up, your reserved rate will still be honoured. If rates go down, however, the lender may not automatically move you onto the lower rate now available. I continue to monitor my clients’ rates to ensure they are getting the best deal possible. If a cheaper deal becomes available and there is enough time to switch before the new rate starts, I will arrange the change to help ensure my clients pay less.
01579 381084
07925 096320
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.
