If your fixed-rate mortgage deal ends in the next six months, yes — 2026 is the right time to review your options. Borrowers reaching the end of an existing fixed period may find available products differ significantly from those originally selected. If you do nothing, your lender will move you onto their standard variable rate, which is often materially higher than the rates available on new fixed and tracker products. This guide covers when to start, what to consider, and the London-specific factors that can affect how your remortgage works in practice. For an overview of our London mortgage services, see our London mortgage services page.
Remortgaging in London in 2026 involves the same principles as anywhere else in the UK, but the numbers are larger and the property-specific complications are more common. Higher mortgage balances mean the cost of remaining on an unsuitable rate — or the saving from securing a better one — is amplified. A significant proportion of London properties are leasehold flats, which can create additional considerations when switching lender. And many London borrowers have income structures that require more care when applying to a new lender.
Why Timing Matters When Remortgaging
Borrowers reaching the end of a fixed period may find that available products differ significantly from those originally selected. Mortgage rates move over time, and borrowers who fixed several years ago may find their renewal options carry higher or lower payments depending on when they originally fixed and how conditions have moved since.
At the same time, borrowers coming off deals taken out more recently may find that rates have eased since they last fixed, meaning a switch could reduce their payments.
For many borrowers, doing nothing and allowing the mortgage to roll onto the lender’s standard variable rate means paying more than if they actively review and secure a new deal. SVRs are often materially higher than the rates available on new fixed and tracker products.
What Happens If You Do Nothing?
When your fixed-rate deal ends, your lender will automatically move you onto their standard variable rate. Standard variable rates are often materially higher than many new fixed or tracker products, although pricing varies by lender and market conditions. The difference between an SVR and a competitive fixed rate can be meaningful, and on a London mortgage it is worth checking the gap before assuming it is too small to act on.
On a London mortgage, the difference between an SVR and a competitive fixed rate can be material. On a £550,000 mortgage — not unusual in London given average prices across the capital — the gap between an SVR and a competitive fixed rate can amount to several thousand pounds per year. On a £700,000 or £800,000 balance, the annual cost of remaining on the SVR without reviewing your options increases further.
There is no early repayment charge on an SVR, which means you can leave at any time. However, every month you remain on it without reviewing your options is a month of potentially higher payments.
Remortgaging in London in 2026: When to Start
Many lenders allow you to apply and secure a product several months in advance. This gives you time to complete without rushing, and in some cases you may still be able to switch to a better product if pricing improves before completion.
If your deal ends in the next six months, you should be exploring your options now. If it ends in more than six months, it is still worth understanding your position so you are prepared when the window opens.
A Practical Timeline
Six months before your deal ends: Start reviewing options. Check what your current lender is offering by way of a product transfer, and speak to a broker about what the wider market looks like.
Four to five months before: Submit your application. If you are switching to a new lender, the process can take several weeks and may take longer where valuation, legal work, or property-specific issues arise. In London, leasehold flat transactions can take longer than freehold remortgages.
One month before: Confirm your new deal is in place and the completion date aligns with the end of your current fixed period. This avoids both early repayment charges and any time spent on the SVR.
If you are already on the SVR: Review your options promptly. There is no penalty for leaving, and every month on the SVR without a plan is a month of higher payments.
Product Transfer or Remortgage: Which Is Right for You?
When your deal ends, you broadly have two options: accept a new deal from your current lender (a product transfer) or switch to a new lender (a remortgage). Both have advantages, and the right choice depends on your circumstances.
Product Transfer
A product transfer means staying with your existing lender but moving to a new rate. The process is typically quicker and simpler than a full remortgage. There is usually no need for a new valuation, no conveyancing, and in many cases no fresh affordability assessment. This makes it a good option if your circumstances have changed in a way that might make passing new affordability checks more difficult, or if you simply want a straightforward switch.
The main limitation is choice. You are restricted to whatever your current lender offers, and their rates may not be the most competitive in the wider market.
Full Remortgage
Remortgaging to a new lender opens up the entire market. You may find a more competitive rate, and you can also use the opportunity to borrow additional funds, change your mortgage term, or move to a different type of product. The process involves a new application, credit check, property valuation, and legal work. Some lenders offer free legal work or free valuations for remortgage customers, which can offset some of the additional cost.
| Product transfer | Remortgage | |
| Speed | Typically days to weeks | Several weeks, sometimes longer |
| Valuation required? | Usually not | Usually yes |
| Legal work required? | No | Yes (sometimes free) |
| Affordability check? | Often not required | Full assessment |
| Can you borrow more? | Limited | Yes |
| Product choice | Your lender’s range only | Whole market |
| Best for | Speed, simplicity, changed circumstances | Best rate, additional borrowing, flexibility |
A broker can compare your lender’s product transfer offer against the wider market, so you can see the full picture before deciding. Sometimes a product transfer is genuinely the better option; sometimes it is not.
Early Repayment Charges: What to Watch For
If your fixed-rate deal has not yet ended, leaving early will usually trigger an early repayment charge. ERCs are typically between 1% and 5% of the outstanding mortgage balance, and they reduce as you get closer to the end of the deal.
On a £550,000 London mortgage, an ERC of 3% would be £16,500. On a £700,000 mortgage, it would be £21,000. At London mortgage sizes, ERCs can be very substantial sums that may well outweigh any saving from moving to a lower rate. This is why timing matters: switching too early costs money in ERCs; switching too late means spending time on the SVR.
Check your mortgage offer or annual statement to see when your ERC period ends. In some cases, the ERC end date does not align exactly with the end of your fixed rate, so it is worth confirming the precise dates with your lender.
There is no ERC once you are on the SVR, and many tracker mortgages do not carry ERCs either, although this varies by lender and product.
What Does Remortgaging Cost?
If you are doing a product transfer with your existing lender, there may be little or no cost beyond the arrangement fee on the new product (and some lenders waive this for transfers).
If you are remortgaging to a new lender, the typical costs include:
Arrangement or product fee. This varies by product. Some lenders offer fee-free products with a slightly higher rate; others charge fees that can be added to the loan. The total cost over the deal period is what matters, not just the headline rate or the fee in isolation. At London mortgage sizes, the arithmetic of fee vs rate trade-off is worth running carefully.
Valuation fee. Some lenders include a free basic valuation as part of the remortgage offer. If not, you may need to pay for one.
Legal fees. Many remortgage products include free legal work for standard cases. If yours does not, conveyancing costs for a remortgage are typically lower than for a purchase.
Broker fee. This depends on the broker. Some charge a flat fee, some a percentage, and some are fee-free (receiving commission from the lender instead). A broker fee may apply depending on your circumstances — at Fitch & Fitch, we will always confirm this before you commit to proceeding.
A broker should compare the total cost of each option over the deal period — not just the interest rate — so you can make a like-for-like comparison.
Should You Fix or Track?
This depends on your attitude to risk and your view on where interest rates are heading.
Fixed Rate
A fixed rate gives you certainty. Your payments stay the same for the duration of the deal, regardless of what happens to Bank Rate. This makes budgeting straightforward and protects you if rates rise. The trade-off is that if rates fall, you will not benefit unless you switch — and switching during a fixed period usually means paying an ERC.
Tracker Rate
A tracker follows Bank Rate plus a set margin. If Bank Rate falls, your payments fall with it. If it rises, your payments increase. Many tracker products do not carry early repayment charges, which can give you flexibility to switch to a fixed rate later if you choose.
The Bank of England publishes current Bank Rate and MPC decisions at bankofengland.co.uk. The rate environment can change, and borrowers should avoid assuming that future rate movements are certain. The right choice between fixed and tracker should be based on your affordability, your plans for the property, and your tolerance for payment movement. On a larger London mortgage, even small rate changes translate into meaningful monthly differences — a broker can talk you through the implications of each option based on your individual circumstances.
Remortgaging in the London Market
London property values sit above the national average, and the market has specific characteristics that affect how remortgaging works in practice.
London equity and LTV positions. Changes in property values can affect your loan-to-value position, which in turn may influence the products available when remortgaging. Borrowers who bought at a time of higher prices may find their LTV position has moved less than expected, or in some cases has worsened if values have softened. It is worth obtaining an up-to-date valuation before assuming your LTV position at remortgage. Conversely, borrowers who have been making repayments for several years may have improved their LTV through capital repayment alone, even where prices have been broadly flat. A stronger equity position — meaning a lower LTV — can unlock better rates when you remortgage.
Leasehold flat remortgage complications. A large proportion of London properties are leasehold flats. When remortgaging a leasehold flat, lenders will check lease length, ground rent, and — for buildings of 11 metres or above — EWS1 (External Wall System) cladding status. A short lease (typically under 80 years), a ground rent above 0.1% of property value, or an unresolved EWS1 requirement can restrict which lenders will accept the application. In some cases, where a new lender cannot be found due to property-specific issues, a product transfer with the existing lender may be the most practical route. RICS published updated EWS1 valuation guidance in May 2026, effective from November 2026, which is recalibrating lender expectations — worth checking if your building may be affected.
Complex income and remortgage applications. Many London borrowers have income structures that have changed since they first took out their mortgage — bonuses that have varied, a move from employment to self-employment, changes in contract working arrangements, or shifts in company director income. If your income structure has changed materially, some lenders may not approve a new application in the way you expect. A product transfer with your existing lender may be more straightforward in this situation. Speaking to a broker before applying gives you a clear picture of which lenders are most likely to accept your current circumstances. For more detail, see our London complex income mortgage guide.
Two or five years: the London consideration. The decision between a two-year and five-year fix is worth considering carefully, particularly if your circumstances or plans for the property may change. A two-year fix gives flexibility to reassess sooner — useful if you are planning to sell, move, or change the property in the near term. A five-year fix gives longer payment certainty. There is no universally right answer; the right choice depends on your financial position, your plans for the property, and your tolerance for payment uncertainty.
Common Mistakes When Remortgaging
Accepting your lender’s first offer without comparing the market. Your lender’s product transfer may be competitive, but it may not be. Without comparing it against the wider market, you cannot know.
Focusing on the rate alone. A low headline rate with a large arrangement fee can cost more over the deal period than a slightly higher rate with no fee. Always compare total cost.
Leaving it too late. If you start the process only a few weeks before your deal ends, you may not have time to complete a remortgage with a new lender and could end up on the SVR by default.
Ignoring your equity position. If your LTV has improved since you last fixed, you may qualify for better rates than you expect. A broker can check this for you.
Not considering property-specific issues in advance. In London, leasehold complications, EWS1 requirements, or short lease issues can slow or block a remortgage with a new lender. Identifying these early gives you time to resolve them or explore alternatives.
Not considering your wider financial picture. Remortgaging can be an opportunity to review your mortgage term or repayment type, or to consider whether additional borrowing is appropriate. Consolidating unsecured debts into a mortgage should be considered carefully, as it may increase the total amount paid and places the debt against your home.
Why We Wrote This Guide
Fitch & Fitch is an independent, whole-of-market mortgage broker with offices in Canary Wharf, Cambridge, and Colchester. We are an appointed representative of JLM Mortgage Network, authorised and regulated by the Financial Conduct Authority (FCA Registration Numbers 955014 and 300629). You can verify this on the FCA Register at register.fca.org.uk.
Fitch & Fitch has received recognition from independent industry bodies including the Mortgage Strategy Awards, Mortgage Introducer Awards, and Legal & General Mortgage Club Awards. These awards are judged independently and can be verified on the respective awards websites.
We wrote this guide because we believe an informed borrower makes better decisions. For further information about our London mortgage services, visit our London hub page.
Frequently Asked Questions
Is 2026 a good year to remortgage?
If your fixed-rate deal is ending, reviewing your options promptly is worthwhile. Borrowers reaching the end of a fixed period may find available products differ significantly from those originally selected. Acting early — typically six months before your deal ends — gives you time to compare the market and complete without being pushed onto the SVR by default. If you are already on the SVR, you can act at any time without penalty.
What is a product transfer?
A product transfer is when you switch to a new deal with your existing lender. It is usually quicker and simpler than a full remortgage, but limits your choice to one lender’s products. For more on how brokers work and why they compare across the market, see our what is a mortgage broker guide.
Will mortgage rates go down in 2026?
The direction of mortgage rates depends on Bank Rate decisions, inflation data, economic conditions, and lender funding costs. It is not possible to predict future rate movements reliably. A broker can help you weigh the trade-off between securing a fixed rate now for certainty, or taking a tracker that moves with Bank Rate if you prefer flexibility. The Bank of England publishes MPC decisions and the current base rate at bankofengland.co.uk.
Should I fix for two years or five years?
There is no universally right answer. A two-year fix gives you flexibility to reassess sooner, which may be attractive if you expect rates to fall or if your circumstances may change. A five-year fix gives longer payment certainty. The best choice depends on your financial position, your plans for the property, and your tolerance for uncertainty. A broker can help you weigh up the options based on your individual circumstances.
Will I have to pay an early repayment charge?
Only if you leave your current deal before it ends. ERCs typically range from 1% to 5% of the outstanding balance and reduce over time. At London mortgage sizes, ERCs can be substantial sums. Once you are on the SVR, there is no ERC. Check your mortgage offer or annual statement for the exact dates and amounts.
Can I remortgage if my circumstances have changed?
This depends on what has changed. If your income has fallen, you have taken on additional debt, or your employment status has changed, some lenders may not approve a new application. A product transfer with your existing lender may be more straightforward in this situation, as it often does not require a fresh affordability assessment. A broker can advise on which route is most likely to work for your specific circumstances.
Can I remortgage a leasehold flat in London?
Yes, but leasehold flat remortgages involve additional checks. Lenders will assess lease length, ground rent, and — for taller buildings — EWS1 cladding status. A lease under 80 years, a high ground rent, or an unresolved EWS1 requirement can restrict the pool of lenders willing to accept the application. In some cases, a product transfer with the existing lender is the most practical route. A broker with experience of London leasehold remortgages can help you identify the most suitable approach.
Can I borrow more when I remortgage?
Yes, if you remortgage to a new lender you can typically borrow additional funds, subject to affordability and your property’s value. This is commonly done to fund home improvements or consolidate other debts. Consolidating unsecured debts into a mortgage should be considered carefully, as it may increase the total amount paid and places the debt against your home. If you are doing a product transfer, options for borrowing more are usually more limited.
Is it worth remortgaging for a small saving in London?
At larger mortgage balances, even relatively small changes in rate can affect the total cost over the deal period. A broker can run the numbers so you can see the net benefit after any switching costs clearly. The total saving over the deal period — not just the monthly payment — is the right figure to focus on.
Next Steps
If your mortgage deal ends in the next six months, or you are already on your lender’s SVR, the practical next step is to review your options early.
At Fitch & Fitch, we can compare a product transfer with the wider market and outline the most suitable route based on your circumstances. For further information about our London mortgage services, visit our London hub page.
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