Mortgages in 2026: Is Now the Right Time to Fix Your Mortgage Rate?
The mortgage market has changed considerably over the last few years, and for homeowners coming to the end of a fixed-rate deal, one important question remains: should you fix your mortgage rate now or wait?
In 2026, there is no correct answer. Bank Rate currently stands at 3.75%, but inflationary pressures and uncertainty around energy prices mean that the direction of interest rates is not guaranteed.
For homeowners, this means understanding your options could be more important than trying to predict what rates will do next.
Finding the right mortgage can feel overwhelming, but that’s what we’re here for. Whether you’re buying your first home, moving up the ladder, investing in property, or need a larger or more complex mortgage, Expert Financial will help you find the right solution.
What is happening with mortgage rates in 2026?
The Bank of England has reduced Bank Rate significantly from the highs seen in recent years, but rates remain higher than many homeowners became accustomed to before 2022.
At its July 2026 meeting, the Bank of England decided to maintain the Bank Rate at 3.75%. However, three members of the Monetary Policy Committee voted for an increase, highlighting the continued uncertainty around inflation.
For mortgage borrowers, this means the market can still move in either direction.
Fixed mortgage rates are influenced by wider financial market conditions as well as Bank Rate, so a change in the Bank Rate does not automatically mean mortgage rates will move by the same amount.
Should you fix your mortgage now?
If your current fixed-rate mortgage is coming to an end, it can be tempting to wait in the hope that rates will fall further.
But there is a risk in waiting.
If rates move upwards, you could end up paying more than necessary. Equally, fixing too early could mean missing out if rates subsequently fall.
Rather than trying to time the market, it can be more useful to look at what works for your individual circumstances.
Consider your current mortgage rate, when your deal ends, your outstanding balance, your loan-to-value (LTV) and how comfortable you would be with changes to your monthly payments.
Reviewing your mortgage regularly can help ensure it still suits your needs and financial goals. Whether your fixed rate is ending, your circumstances have changed, or you simply want to understand whether a better deal is available, a mortgage review can help you make a more informed decision.
At Expert Financial, we make the remortgage and mortgage review process as simple and straightforward as possible. Our independent mortgage advisers compare suitable options based on your current situation and help you decide on your next best step with confidence.
What if your fixed rate is ending soon?
It’s generally sensible to start reviewing your options several months before your current deal expires.
Many lenders allow borrowers to secure a new deal in advance, giving you time to compare options without automatically moving onto your lender’s Standard Variable Rate (SVR) when your fixed period ends.
You may also have the option of a product transfer with your existing lender or remortgaging to a new lender.
The right choice depends on your circumstances, and sometimes staying with your existing lender can make sense. On other occasions, switching could offer better value or a mortgage that better suits your plans.
Get your mortgage reviewed
There is no guaranteed way to predict where mortgage rates will be later in 2026. With inflation and global economic conditions still creating uncertainty, making a decision based purely on what you think rates will do could be risky.
Instead, focus on your own circumstances and the options currently available.
At Expert Financial, we can compare mortgage options, look at your current deal and help you understand whether fixing, switching or staying put could be right for you.
If your mortgage deal is coming to an end, now could be a good time to start reviewing your options.
