According to UK Finance, around 1.8 million fixed-rate mortgages are due to end, or have already ended, at some point in 2026.
Britain’s biggest mortgage lenders, including Santander UK, Barclays, Halifax, Lloyds, NatWest, HSBC UK and Nationwide Building Society, have all hiked mortgage rates in recent days, along with many smaller banks and building societies.
The moves follow increases to swap rates, which lenders use to price their mortgages, with the conflict in the Middle East causing economic volatility and concerns about rising prices.
Average mortgage rates on the market have topped the five per cent mark, financial information website Moneyfactscompare.co.uk said on Wednesday.
It said that over the past 48 hours, 472 residential mortgage products have been withdrawn from the market — the biggest fall in available mortgage product numbers since the aftermath of the mini-budget in September 2022.
In some comfort for homeowners, the scale of withdrawals in recent days is “nowhere near” the shock seen in late September 2022 when 935 products, which accounted for more than a quarter of the market at the time, disappeared in a single day, Moneyfacts said.
Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “The vast majority of homeowners take out fixed-rate deals to help with managing their finances.”
He said it is important for homeowners to know the options available, adding: “Homeowners can lock in a new deal up to 90 days before their current fixed rate expires, but with flexibility if circumstances or rates change.
“This can provide peace of mind for those who want to protect themselves against short-term volatility, whilst planning ahead.”
What mortgage holders need to bear in mind
By Jatin Patel, head of mortgages, savings and insurance at Barclays
Remember fixed rates are locked in
If you are currently on a fixed deal, it is important to remember that your rate and monthly payments will not change until that deal ends, regardless of what is happening in the wider world.
Use the time before taking out a new deal to get prepared
Even if your deal does not end for a while, it is worth reviewing your household budget and understanding what your options might be when you next refinance. Barclays’ data indicates that for homeowners preparing for new mortgage deals, 45 per cent of people said keeping monthly payments low was their top priority.
Are you looking for certainty?
People who are on tracker or variable rates may want to weigh up whether they would want the certainty over their payments from moving to a fixed-rate deal.
Those with a fixed-rate mortgage that is coming to an end may want to consider starting their search early to give themselves choice. People can often lock in a new rate 90 days before their end of term date with their existing lender — or up to six months out if they are looking at moving lenders.
Doing this early could help protect homeowners from further short‑term market volatility while still giving flexibility if rates or circumstances change. With many lenders, people can lock in a new rate using their app, without the need to book in an appointment.
Consider market conditions
Homeowners may want to consider whether they want to move straight to a new fixed rate, or consider options such as moving to a tracker as they assess the market conditions, perhaps with a view to fixing at a later date.
Seeking advice can be important
A lender or a mortgage broker can help homeowners understand their options and choose a path that best fits their circumstances and budget.
Homeowners who are worried about their financial situation should talk to their existing lender, as they have the tools to be able to support those who are experiencing financial difficulty.