Mortgage rates were back on prime-time television tonight, and for anyone whose fixed rate ends in the next few months the question is practical: what do I do now?

This guide is the action list. It covers what happens if you do nothing, how far ahead you can secure a new rate, how to compare your own lender with the rest of the market, and why a broker matters more than usual when rates are moving. Figures are correct at 20 October 2026.

Why mortgage rates are in the news again

Fixed rates have risen without the base rate moving. The Bank of England base rate is 3.75% and has not changed since December 2025. Fixed rates are priced from swap rates, which reflect where markets expect interest rates to go, so they rise when markets expect the base rate to rise.

Markets expect the base rate to go up. The next Bank of England decision is on 5 November 2026, and the Autumn Budget is on 28 October 2026. Markets are pricing in several base rate rises over the next year. Some economists think that is too many.

Much of a rise is already in the price. Because fixed rates move on expectations, a rise that matches them may not push fixed rates up much further. A smaller rise could even ease them. A bigger one would push them up. Nobody can say which, which is why this week's decision is about reducing risk rather than predicting the outcome.

Our guide to how UK mortgages are priced covers the mechanics in more detail.

What happens if you do nothing when your deal ends

When a fixed or tracker deal ends, most lenders move you onto their standard variable rate automatically. That rate is usually well above the best deals on the market, and it can rise when the base rate does. The average standard variable rate is currently around 6.5%.

Staying on it is not a plan, and it is the outcome that rate rises make more expensive. Our post on what to do when your mortgage deal ends covers the options in full.

Secure a new rate up to six months early

Many lenders let you lock in a new rate months before your deal ends. For a new lender, most allow a new rate to be secured up to six months before you need it. Your existing lender's window can be shorter, so the date to check is when your own lender will let you book.

It works as insurance. If rates rise before your deal ends, you already hold the lower rate. If rates fall, we can often resubmit the case nearer the completion date to take advantage of cheaper deals.

The same applies to first-time buyers. If you are buying and your offer is some way off, the same principle holds: a rate can often be secured before you complete.

Read more in our post on whether to fix your mortgage now or wait.

Your own lender or the whole market

A product transfer with your current lender. A product transfer switches you to a new deal with the lender you already have. It can be quick to arrange and usually involves no new application for the lender to assess.

A remortgage to a new lender. A remortgage means a new application, but opens up the whole market, including deals your current lender does not offer.

Compare both before you commit. The product transfer rate is the benchmark any other deal has to beat. We compare the two across the whole market, including fees and any early repayment charge on your current deal.

What decides the rate you are offered

Your loan to value. Lenders price in bands. The lower your borrowing is as a share of your home's value, the lower the rate tends to be, with the biggest steps often at 90%, 85%, 80%, 75% and 60%. If your home has risen in value since your last mortgage, your loan to value may now be lower than you think. You can check your numbers with our mortgage balance calculator.

Your credit history and income. A clean credit file helps. Income that is harder for a lender to assess, such as self-employed or contractor income, can narrow which lenders will accept you. Our guide to credit scores and mortgages explains what lenders look at.

The product fee. The lowest rates often carry a fee. On a smaller mortgage, a slightly higher rate with no fee can cost less overall.

Overpaying. If you have savings, overpaying can bring your loan to value down before you remortgage. Our post on the benefits of overpaying your mortgage sets out when it helps.

Why a broker matters more than usual right now

When rates are moving, the difference between a good and a poor outcome is rarely the headline rate on a comparison site. It is whether the deal is available to you, whether it is secured in time, and what it costs once everything is counted.

Lenders' acceptance criteria are not published. Each lender decides differently how it treats income, credit history and your property. A broker who knows those criteria can match you to the lenders who will accept you, rather than leaving you to apply for the cheapest deal and find out afterwards. A declined application also leaves a mark on your credit file.

A broker can compare the whole market. As an independent whole-of-market broker, we compare your current lender's product transfer with remortgage deals across the market, rather than showing you one lender's range.

Some deals are only available through brokers. Certain lenders and products are not sold direct to the public.

Securing the rate is time-sensitive. Deals are being withdrawn and repriced quickly. We can secure a rate for you early, then resubmit the case nearer completion if cheaper deals have appeared.

The lowest rate is not always the lowest cost. We compare the total cost over the fixed period, including fees and any early repayment charge on the deal you hold.

You are not left to do the paperwork. We manage the application with the lender, from the first conversation to completion.

Our guide to using a mortgage broker or going direct to a lender sets out the comparison in more detail.

You can see live mortgage rates for your own property value and deposit. It takes five questions and there is no credit check.

Your questions answered

My deal ends in five months. Can I secure a new rate now?

In most cases, yes. Many lenders let you secure a new rate up to six months before it starts, and your existing lender may offer a shorter window. It is worth checking now so you are not left on the standard variable rate.

Are mortgage rates expected to go down?

Nobody can say for certain. Markets are currently expecting the base rate to rise, not fall, and fixed rates are priced on that expectation. If the Bank of England raises rates by less than markets expect, fixed rates could ease. If it raises them by more, they could rise. That uncertainty is why we recommend securing a rate now and reviewing it nearer completion.

Will fixed rates go up when the base rate rises?

Not necessarily by much. Fixed rates are priced on swap rates, which already reflect what markets expect the base rate to do. Variable and tracker rates move more directly with the base rate.

Should I fix for two years or five?

A two-year fix lets you review your deal sooner, and a five-year fix keeps your payment the same for longer. Both usually carry an early repayment charge if you leave before the end, so the right length depends on how long you expect to stay in the property and how you would cope if payments changed. We compare the total cost of each over the period for your circumstances. Our post on fixing now or waiting covers the wider reasoning.

Is a tracker better than a fix at the moment?

A tracker follows the base rate, so it rises when the base rate does. Some trackers currently start below fixed rates, which can suit someone who does not need the certainty of a fixed payment. Which is better depends on how you would cope if payments rose, and we compare both for you.

Should I wait for rates to fall before booking a deal?

You do not have to choose. Securing a rate now, then having it reviewed closer to completion, covers both outcomes. Our post on fixing now or waiting goes through the reasoning.

Get your deal sorted before it ends

If your deal ends in the next six months, speak to a broker before you speak to anyone else. We can compare your lender's offer with the whole market and secure a rate for you. Contact Aspect Mortgages to speak to one of our advisers about a remortgage, a product transfer or a purchase.