The UK mortgage market is heading into one of its busiest remortgage periods in years. Around 1.8 million fixed-rate mortgages are due to end this year, up from 1.6 million in 2025, and millions of homeowners will need to find new remortgage deals – many for the first time since rates rose sharply. Speaking to a specialist remortgage broker could make a significant difference to what they pay next.
For many homeowners, this will be the first time they have reviewed their mortgage since rates moved sharply higher. Some will be coming off ultra-low five-year fixes agreed when borrowing was far cheaper. Others will be reaching the end of shorter-term deals taken out during a much more unsettled market. Either way, today’s remortgage rates look very different from what most of these borrowers are used to.
With so many borrowers returning to the market at once, the decision they face is not always straightforward. Staying with the current lender may feel easier, and in some cases it may be the right route, but moving to a new lender could produce a better result. Meanwhile, allowing a deal to lapse onto a standard variable rate could be a very expensive mistake.
Why demand for remortgage deals is growing: the market data
The latest forecasts from UK Finance shows that external remortgaging, where a borrower moves to a new lender, is forecast to grow by 10% to £77bn in 2026, following a 17% rise to around £71bn in 2025.
Internal product transfers are expected to remain a much larger part of the market, rising by 2% to £261bn after a sharp increase in 2025. Total gross lending is also forecast to rise by 4% to £300bn, with refinancing playing a key role in that growth.
The strength of the remortgage market also reflects the fact that buying activity remains more subdued. House purchase lending is forecast to grow by just 2% in 2026, as higher mortgage costs and wider affordability pressures continue to make moving home difficult for many households.
As a result, many borrowers may not be looking to move, but they still need to make decisions about their existing mortgage – that is where much of the momentum in the market is expected to come from.
My fixed rate is ending – why are so many in the same position?
A large part of the remortgage surge comes down to the timing of previous fixed-rate deals, with many borrowers who secured five-year fixes during the ultra-low-rate period now approaching the end of those products. At the same time, borrowers who fixed for two or three years during the higher-rate years are also coming back to the market.
This has created a busy refinancing window, with borrowers returning from very different starting points. Someone coming off a rate below 2% may face a far bigger payment shock than someone who fixed more recently, but even borrowers already used to higher rates may still feel pressure if their household budget has tightened.
That is why more home owners are starting the process several months before their current deal ends. They are not necessarily rushing into the first product they see, but they are trying to understand what their next monthly payment might look like and whether it makes sense to secure something before market conditions change again.
The rate backdrop is still uncertain
The Bank of England base rate was held at 3.75% in June 2026, but the outlook for borrowing costs remains unsettled. Earlier in the year, markets had been expecting rate cuts. More recently, that picture has become less clear, with inflation risk, energy prices and geopolitical tension all affecting confidence.
Political uncertainty has now become part of that backdrop; Sir Keir Starmer’s resignation has not triggered the same kind of market shock seen after the mini-budget, and the initial reaction from investors was relatively calm. Even so, borrowers should not dismiss it completely.
Fixed mortgage rates are closely linked to swap rates, which are influenced by expectations for interest rates and wider market confidence. If investors become more nervous about the UK’s fiscal direction during the leadership contest, recent improvements in fixed-rate pricing could slow or reverse.
That does not mean borrowers should panic – several major lenders have continued to cut fixed mortgage rates, and product choice has improved, with more than 7,000 residential mortgage options available in the market. The concern is that the current window may not stay open in the same way if market conditions change. For borrowers, waiting could mean benefiting from a cheaper deal later, but it could also mean missing products that are available now.
What happens when your fixed rate ends: why the standard variable rate mortgage is an expensive default
One of the clearest reasons to review a mortgage early is the cost of moving onto a standard variable rate (SVR), which is currently much higher than the average fixed-rate deal.
For borrowers with larger loan balances, that difference can have a meaningful impact on monthly payments. As an example, a borrower with a £250,000 repayment mortgage over 25 years would pay around £1,788 per month on an average SVR of 7.13%, compared with around £1,555 on an average five-year fixed rate of 5.63% – a difference of almost £2,800 over a year.
The exact figures will depend on the borrower’s circumstances and the products available at the time. Loan-to-value, income, credit profile and lender criteria all affect the final outcome.
Remortgage or product transfer? Why millions are choosing to stay put – and when they shouldn’t
The rise in product transfers shows that many borrowers are choosing to stay with their existing lender rather than move elsewhere. In some cases, this can be the right route – a product transfer is often quicker than a full remortgage and may avoid a full affordability assessment, which can be reassuring for borrowers whose circumstances have changed since their last application.
This may be especially relevant for those whose income has become less predictable, or whose regular outgoings have increased. If a borrower is worried that a new lender may take a stricter view of affordability, staying with the existing lender can feel like the safer option.
However, a product transfer should still be compared against the wider market. Another lender may offer a more competitive rate, more suitable terms, or a product that better reflects the borrower’s plans. The simplest route is not always the most suitable one – it depends on the borrower’s circumstances and what they need from the next stage of their mortgage.
When to remortgage: why starting early gives you more options
More borrowers are starting the remortgage process well before their current deal ends, particularly when their existing rate is much lower than anything available today. Beginning earlier gives borrowers more time to understand the options available and plan for any change in monthly payments. In some cases, it may also be possible to secure a rate in advance, while still keeping an eye on whether a better option becomes available before completion.
This can be valuable in a market where rate expectations are changing quickly. Borrowers who leave the decision too late may have fewer options and a greater risk of slipping onto SVR.
Early advice can be particularly useful for more complex cases, such as expats or landlords. These applications may need more preparation, and the right lender is not always the most obvious one.
How to find the best remortgage deal: what to consider before you switch
The first step is to check when the current mortgage deal ends and whether any early repayment charges apply. Speaking to a specialist remortgage broker – like Visionary Finance – means you get a like-for-like cost comparison across the whole market, not just what your current lender is prepared to offer. An independent remortgage broker has access to deals you won’t find directly, and can advise on whether switching lenders or staying put makes more financial sense for your circumstances. It is also worth thinking about how personal circumstances may have changed since the last mortgage application, as income, outgoings and property value can all affect the options available.
The length of the new deal is another important decision – a two-year fix may suit someone who wants flexibility sooner, while a five-year fix may appeal to someone who values longer-term payment certainty.
Fees and overpayment options should also be part of the decision, rather than focusing on the headline rate alone.
For a more practical guide on when to begin the process, read our guide: When should you remortgage? Five signs it’s time to switch.
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