A significant cohort of UK homeowners are reaching the end of two and five-year fixed rate deals in the second half of 2026. If you are among them, you are facing a decision in a rate environment that is more settled than 2023 but still meaningfully different from the deals you may originally have fixed at. Here is an honest guide to your options.

What Happens If You Do Nothing

When a fixed rate deal expires and no action is taken, most lenders move borrowers onto their Standard Variable Rate, or SVR. SVRs are set at the lender’s discretion and are typically one and a half to two percent above the best available fixed rates. On a typical Devon mortgage, the difference between staying on an SVR and moving to a competitive fixed rate can amount to several hundred pounds per month. This is almost never the right outcome.

Your Main Options

Fix Again with a New Lender

Remortgaging to a new lender involves a full application, credit assessment, and property valuation, but gives you access to the whole market rather than just your current lender’s products. For most borrowers, the best available rates come from lenders who are actively competing for new business, and an independent broker can identify which lenders are most favourable for your specific circumstances.

Product Transfer with Your Current Lender

A product transfer means taking a new deal with your existing lender without going through a full remortgage process. It is faster and involves less paperwork, and your lender will offer you their current product range. The limitation is that your existing lender may not be offering the most competitive rates available, and without comparing the market you cannot know whether you are leaving money on the table.

Tracker or Variable Rate

If you believe base rates will fall further in the next 12 to 18 months, a tracker mortgage that moves with the Bank of England base rate offers flexibility to benefit from any reductions. Trackers typically have lower early repayment charges than fixed rates, which is useful if you might move or overpay. They carry rate risk if rates do not fall as expected.

Two-Year Fix or Five-Year Fix?

The decision between a two and five-year fix involves a judgement about future rate direction and your own circumstances. Five-year fixes currently offer competitive rates and payment certainty for longer. Two-year fixes give you the opportunity to review sooner if rates fall significantly, at the cost of higher uncertainty.

There is no universally correct answer, and the right choice depends on your view of the rate environment, your plans for the property, and your personal tolerance for uncertainty. This is a conversation worth having with a broker before committing.

When to Start the Process

Most mortgage offers are valid for three to six months. This means you can begin the remortgage process up to six months before your current deal expires, securing a rate now while your existing deal continues to run. Starting early gives you time to compare options without pressure, and means your payments are protected if rates rise before your deal ends.

If your deal expires in the next six months, now is the right time to start the conversation.

Contact Riviera Mortgages for independent remortgage advice across Devon.