2026 Remortgage Wave: What Homeowners Off 1% Deals Should Expect

The 2026 Remortgage Wave: What Homeowners Coming Off 1% Deals Should Expect

By WIS Team

March 24, 2026

3 minutes read

TLDR

Many UK homeowners secured mortgage rates close to 1% during the pandemic years of 2020 and 2021. As those fixed-rate deals reach their end, many borrowers will need to review their mortgage options during 2026. Industry estimates suggest around 1.8 million fixed-rate mortgages are due to end this year, which means many homeowners may experience noticeable changes in their monthly payments. Understanding what is happening in the mortgage market can help borrowers plan and make informed decisions.

Key Point	Summary
Many deals ending	Around 1.8 million mortgage deals are expiring in 2026
Pandemic-era rates	Many borrowers secured rates near 1%
Payment changes	New deals may involve higher monthly payments
Plan	Reviewing options 3 6 months before expiry can help avoid higher rates

Why So Many Fixed Deals Are Ending Now

During the pandemic period, interest rates reached historic lows. Many homeowners chose five-year fixed mortgages, locking in extremely competitive rates. Those mortgages are now reaching their expiry dates. Mortgage rates today are generally higher than they were during that time, which means borrowers moving to a new deal may notice increased repayments.

Example of How Payments May Change

Mortgage Details	Previous Deal	New Deal Example
Mortgage balance	250,000	250,000
Interest rate	1.40%	4.50%
Remaining term	25 years	25 years
Approx monthly payment	988	1,390

Actual figures will vary depending on the borrower s circumstances and lender terms.

Product Transfer vs Remortgage

When a fixed-rate mortgage ends, homeowners typically have two options. Each option has advantages depending on the borrower s circumstances.

Option	What It Means	Potential Benefits
Product Transfer	Switch to a new deal with your current lender	Usually faster and simpler
Remortgage	Move to a different lender	May provide more product choices

Common Mistakes When Remortgaging

Mistake	Why It Matters
Waiting until the last minute	You may move onto the lender s SVR
Not reviewing other lenders	Alternative deals may be available
Ignoring affordability changes	Income and expenses may have changed
Missing documents	Delays can slow the remortgage process

Real Life Example

A homeowner we recently spoke with secured a 1.29% five-year fixed mortgage in 2021. Their deal expires later this year. By reviewing their options six months early, they were able to compare different products and plan their household budget in advance.

FAQs

What happens when my fixed mortgage ends?

You may be moved to your lender s standard variable rate unless you choose a new deal.

Can I secure a new rate early?

Many lenders allow borrowers to secure rates three to six months before expiry.

Will my payments increase?

This depends on market rates and your mortgage details.

Is staying with my current lender easier?

Product transfers are often simpler, but it may still be worth comparing options.

When should I start reviewing my mortgage?

Around six months before your fixed rate expires.

FCA Disclaimer

Your home may be repossessed if you do not keep up repayments on your mortgage.
Lending is subject to status, affordability assessment and lender criteria.
This article is for general information only and does not constitute personalised advice.