With 1.8 million fixed-rate mortgages coming to an end this year, there's a question on a lot of people's minds. Do you wait until your fixed term ends to lock in a new rate, or secure one in advance?
This question feels more urgent in light of the Bank of England's meeting on 18 June 2026, with the next decision due on 30 July. That gives homeowners a narrow window to weigh up their options before any potential rate change.
Most lenders allow you to secure a new rate three to six months before your fixed contract ends, with no overpayment and no early repayment charge. This is known as the lock-in period.
Whether it's worth locking in early depends entirely on your personal situation and whether you're happy with current rates. For many people, having some protection on their future rate brings real peace of mind, and being able to lock in up to six months ahead means one less thing on the admin to-do list.
That said, acting early could work out better or worse for you. The mortgage market is volatile, the economy even more so, and with so many external factors in play, no one can say for certain what will happen next.
If you think rates are likely to fall in the near future, there's an argument for holding off, but bear in mind this is a call even economists struggle to get right.
There's no single right answer here, which is exactly what makes the decision so difficult for so many people. This is where having a mortgage broker in your corner becomes invaluable.
Someone who knows the market well, and who can look honestly at your financial situation alongside what's happening in the wider market, gives you a level of confidence in your decision that's hard to find anywhere else, because the advice is personal to you.
The decision is ultimately yours to make. We're just here to help you make it with confidence.
To get personalised advice today, contact Hello Mortgage:
Tel: 0800 292 2557
Email: hello@hellomortgage.co.uk
Please note: Your home may be repossessed if you do not keep up with repayments of your mortgage.
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