Reviewing your mortgage could save you hundreds of pounds each month. If your fixed rate is ending, or you’ve been moved onto your lender’s standard variable rate, there are likely better deals available. Around 1.8 million UK fixed-rate deals are ending in 2026. Here is what you need to know before your next move.
Getting a mortgage is one of the biggest financial decisions you will ever make. Once the paperwork is signed and you’ve moved in, it’s easy to forget about the deal itself and just focus on paying the bills each month.
The trouble is, the mortgage market doesn’t stand still. Interest rates rise and fall, lenders launch new products, and your own circumstances change over time. If you haven’t looked at your mortgage since the day you got it, there’s a good chance you’re paying more than you need to.
Around 1.8 million UK households will see their fixed-rate mortgage deals end in 2026, according to UK Finance. UK Finance also forecasts a 10% rise in external remortgaging activity during the year.
For many of these homeowners, the rate they move onto could be significantly higher than the one they’ve been paying.
That makes now a good time to check where you stand and understand the options available to you. Below, we explain why reviewing your mortgage matters, how to go about it, and when switching makes sense.
Why Is It Worth Reviewing Your Mortgage?
Your mortgage is most likely the single largest monthly outgoing you have.
Even a small change in interest rate can make a noticeable difference to what you pay each month, and the total amount you repay over the life of the loan. On a £500,000 repayment mortgage over 25 years, for example, a difference of just 0.5% in interest rate could mean over £130 more or less each month.
The Standard Variable Rate Trap
When a fixed-rate mortgage deal ends, your lender will move you onto their standard variable rate (SVR). This is the default rate the lender charges when you’re not on a specific deal, and it’s almost always higher than the rate you were paying during your fixed period.
SVRs vary quite a bit between lenders. According to Moneyfacts, the average SVR in early 2026 stood at around 7.15%, while average fixed rates were closer to 4.85%. That gap means homeowners sitting on an SVR could be paying significantly more each month than they need to.
Many homeowners don’t realise this switch has happened until they notice their monthly payments have gone up.
If you’re currently on your lender’s SVR, there’s good reason to shop around. Moneyfacts data shows there are now over 7,500 mortgage products on the market, the highest count since 2007.
How the Bank of England Base Rate Affects You
The Bank of England base rate plays a big part in what mortgage deals are available and at what price.
Lenders tend to adjust their mortgage rates in response to base rate changes. After a series of increases between 2021 and 2023, the base rate peaked at 5.25%. Since then, several cuts have brought it down to 3.75%.
These movements affect different borrowers in different ways. If you’re on a tracker mortgage, your rate will have moved in line with the base rate. If you’re on a fixed deal, you’re protected from changes until your deal ends.
Once your fixed period is up, though, the rates available to you will reflect where the market sits at that point. Keeping an eye on base rate movements gives you a sense of whether now might be a good time to lock in a new deal.
When Should You Review Your Mortgage?
Timing matters with mortgage reviews. Move too early and you could face early repayment charges.
Leave it too late and you might end up on your lender’s SVR without a plan.
How Early Can You Start the Remortgage Process?
Most mortgage offers are valid for between three and six months. You can start shopping around and secure a new deal well before your current one expires.
If rates drop further before your new deal starts, many brokers will help you switch to a better offer at no extra cost. And if rates go up in the meantime, you’ve already locked in a competitive rate. Starting the process early gives you time to compare options without feeling rushed.
Watch Out for Early Repayment Charges
If your mortgage deal hasn’t yet ended, switching to a new lender could mean paying an early repayment charge (ERC). These are set by your current lender and are often calculated as a percentage of the outstanding balance.
On a £500,000 mortgage, a 2% ERC would cost you £10,000, so check your mortgage terms carefully before making any decisions.
That said, if the savings from a new deal are large enough, it can sometimes still make financial sense to pay the ERC and move. A mortgage broker can help you run the numbers and work out whether switching early would leave you better off overall.
Product Transfer or Remortgage: What’s the Difference?
A product transfer keeps you with your current lender on a new deal, while a remortgage moves you to a different lender entirely. These are your two main options when your mortgage deal is coming to an end, and each works differently.
How a Product Transfer Works
A product transfer keeps you with your current lender but moves you onto a new rate.
The process is quicker and simpler than a full remortgage. There’s usually no need for a new property valuation, no legal fees to pay, and no fresh affordability checks. Your lender already knows your payment history, which can work in your favour.
The downside is that you’re limited to whatever deals your current lender offers.
These may not be the most competitive on the market. Your lender also won’t take into account any increase in your property’s value, so you could be missing out on better loan-to-value (LTV) deals elsewhere.
How Remortgaging Works
Remortgaging means applying for a new mortgage with a different lender.
Your new mortgage pays off the old one, and you start making payments to the new lender instead. This gives you access to the full range of deals on the market, not just those offered by your current provider.
A remortgage does involve more paperwork. You’ll need to go through affordability checks, provide proof of income, and have your property valued. There will also be legal work, though many lenders now offer fee-free remortgage packages that cover solicitor costs and include cashback.
If your property has gone up in value since you first bought it, a remortgage can move you into a lower LTV band, which often comes with better interest rates. You can also use a remortgage to release equity, consolidate debt, or adjust your mortgage term.
Which Option Is Right for You?
There’s no single right answer here.
A product transfer suits you if speed and simplicity are your priorities, or if your circumstances have changed in a way that might make passing new affordability checks difficult.
A remortgage makes more sense if you want access to the whole market, need to borrow more, or believe your property value has increased significantly.
The best approach is to compare both options side by side. A whole-of-market mortgage broker can do this for you and recommend the route that saves you the most money.
Can You Remortgage to Pay Off Debt?
Yes, you can remortgage to consolidate debts such as credit cards, personal loans, and car finance into your mortgage. Because mortgage rates are usually much lower than those on unsecured borrowing, this can reduce your monthly outgoings.
By rolling these debts into your mortgage, you bring everything together into a single monthly payment, usually at a lower rate.
The Pros and Cons of Debt Consolidation
The numbers can look attractive on the surface.
If you’re paying 20% or more on credit card balances, merging that debt into a mortgage charging a fraction of that rate will reduce your monthly outgoings. For homeowners struggling to keep up with multiple payments, this can bring real relief.
There is an important trade-off, though.
By adding short-term debt to a long-term mortgage, you spread the cost over a much longer period. A £15,000 credit card balance that you might have cleared in three years could end up costing you far more in total interest if it’s repaid over 20 years as part of your mortgage.
You should also consider that your home is the security for your mortgage. If you can’t keep up with payments, your property is at risk. For this reason, speak with an independent mortgage broker before making this decision. They can help you weigh up the short-term relief against the longer-term cost.
What Other Factors Affect Your Remortgage Decision?
Beyond the interest rate itself, there are a few other things worth checking during a mortgage review.
How Does Your Loan-to-Value Ratio Affect Remortgaging?
Your LTV is the percentage of your property’s value that is covered by your mortgage.
A lower LTV generally means access to cheaper deals. If your property has risen in value or you’ve paid down a good chunk of your mortgage, your LTV may have improved since you last checked. This could open the door to rates that weren’t available to you before.
Should You Change Your Mortgage Term When You Remortgage?
A mortgage review is also a good opportunity to think about the length of your remaining term.
Shortening your term increases your monthly payments but reduces the total interest you pay. Extending it does the opposite, giving you lower monthly costs but a higher overall bill. If your income has changed, or you simply want to adjust your monthly budget, this is worth discussing with a broker.
Fixed, Tracker, or Variable?
Each mortgage type works differently. A fixed rate gives you certainty over what you pay each month for a set period. A tracker follows the Bank of England base rate, so your payments go up or down as the rate changes. A variable rate is set by your lender and can change at any time.
Your choice depends on how comfortable you are with uncertainty and what you think might happen to interest rates over the coming years.
If you value predictability, a fixed rate is hard to beat. If you believe rates will continue to fall, a tracker could save you money in the short term, though it does carry more risk.
Should You Use a Mortgage Broker to Remortgage?
You don’t have to figure all of this out on your own.
A whole-of-market mortgage broker can access products from across the lending market, including deals that aren’t available directly to borrowers.
Many UK lenders only work through intermediaries, so going direct to a single lender limits you to just that one provider’s range.
A good broker will review your current deal, compare it against what’s available, and recommend the option that works best for your situation. They handle the application process and keep things moving, which takes a lot of the stress out of what can feel like a complicated process.
Most brokers charge a fee for their services, but this is often offset by the savings they find. Some lenders also pay the broker a commission, so it’s worth asking how fees work before you commit.
If you’re unsure where to start, or your situation is a little more complex, speaking with a broker is often the best first step. Contact us at Respect Mortgages and we’ll introduce you to a trusted, independent mortgage broker who can review your options and help you find the right deal.
Frequently Asked Questions
You should review your mortgage at least once a year, and always when your current deal is due to end. It is also worth checking when the Bank of England changes the base rate, as this can affect the deals available to you. Setting a reminder four to six months before your deal expires gives you plenty of time to explore your options.
Your mortgage will automatically move to your lender’s standard variable rate (SVR). This rate is almost always higher than what you were paying on your fixed deal, which means your monthly payments will go up. You are not locked in, though, so you can switch to a new deal at any time once you are on the SVR.
Yes, self-employed borrowers can remortgage. Most lenders will want to see at least two years of accounts or tax returns to verify your income. Some specialist lenders accept just one year. A mortgage broker can help you find lenders that are more flexible with self-employed applicants.
Applying for a new mortgage involves a hard credit check, which can temporarily lower your credit score by a small amount. However, if you make your payments on time, your score should recover quickly. It is worth checking your credit report before you apply so you can deal with any issues in advance.
A product transfer keeps you with your current lender but moves you onto a new deal. A remortgage involves switching to a different lender entirely. Product transfers are quicker and involve less paperwork, but a remortgage gives you access to the wider market and may offer better rates.
If you are switching to a new lender, yes. A solicitor or conveyancer handles the legal work involved in transferring the mortgage. Many lenders offer free legal services as part of their remortgage package, so you may not have to pay out of pocket. A product transfer with your existing lender does not require legal work.
