30 Oct Fixed-Rate Mortgages Have Started to Rise – What does this mean for Your Next Deal
Fixed-Rate Mortgages Have Started to Rise – What does this mean for Your Next Deal
If you’re coming to the end of your fixed-rate mortgage deal in the next few months, there’s something you should know… mortgage rates have started to rise again.
After nearly a year of slow, steady reductions, several lenders have recently put their rates up; and that’s a shift worth paying attention to.
At Wyke Financial, many of our clients are on fixed-rate mortgages arranged over the last two to five years. We know how important it is to keep monthly payments manageable, especially when life doesn’t slow down. That’s why we’re encouraging anyone with a mortgage due to renew in the next 6 months to start the conversation now.
What’s Changed in the Market?
Over the past few months, it looked like mortgage rates were on the way down. Some homeowners were holding off on making decisions, hoping things might improve even more. But in October, some of the UK’s biggest lenders, including Barclays and Nationwide, increased their fixed-rate deals for the first time in months.
These aren’t huge jumps, but they are a sign that the trend may be changing.
Even a small increase in rates can make a difference to your monthly payments, especially if you’ve got a large loan. So if your current deal is ending soon, this is a smart time to check what’s available and get things moving.
Why Act Early?
Many lenders allow you to secure a new mortgage deal up to six months before your current one ends. That means you can lock in a rate now and if better options come along before your new deal starts, we can revisit it.
Here’s why starting early makes sense:
You avoid last-minute stress
Sorting a new mortgage isn’t something to leave until the week before your old one ends. Giving yourself time makes the whole process smoother.
You protect yourself from rate increases
If rates go up again in the next few months, you’ll be glad you acted when you did.
You avoid going onto your lender’s Standard Variable Rate
If you do nothing, your current deal will usually roll onto something called an SVR; this tends to be more expensive than other available options.
How Wyke Financial Can Help
If we’ve helped you find a deal before, you’ll already know that we look after the whole process for you, from comparing deals to handling paperwork and communicating with the lender.
Whether your circumstances have stayed the same or changed since you last arranged your mortgage, we’ll guide you through the options that work for you now.
We’ll help you:
- Understand what’s happening in the market
- Compare your current mortgage with what’s available
- Lock in a deal that suits your needs
- Time the switch correctly, so you’re never paying more than you have to
Let’s Get Started
If your fixed-rate deal is ending anytime between now and Spring 2026, now is a great time to book a free review.
It doesn’t cost anything to have a conversation with us but waiting too long could cost you more than you realise.
Click here to book your review online
We’re here to help and acting early could save you time, money and a lot of stress.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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