Copy article

Borrowers urged to lock in mortgage rates ahead of Wednesday

ended 16. February 2026

BORROWERS have been urged to lock in mortgage rates ahead of the release of inflation data on Wednesday as brokers warn “markets can turn quickly” and reassure borrowers that they can change their deal later if a lower rate emerges with the same lender.

If inflation cools, as expected, on Wednesday, and the Consumer Price Index (CPI) finally starts the journey down to the 2% target, mortgage rates are expected to trend downwards.

Big lenders, such as Nationwide and Santander, already cut rates at the tail end of last week and NatWest and Barclays followed suit today.

Rather than advise people to wait and see for what the inflation figure is, brokers have urged borrowers to lock in mortgage rates now.

They said you can agree a rate and then switch to a lower rate with the same lender at no extra cost.

Louis Mason, Content and Communications Director at London-based Oportfolio Mortgages, said: “If Wednesday’s CPI figures come in as expected, we’ll likely see more lenders shuffling their rates around, but let’s not get carried away just yet. What we’re likely to see is a slightly less boring version of the usual cautious tweaking. Nationwide and Santander’s moves last week were more like testing the water with their toes than diving in headfirst. 

“For borrowers staring down the end of their fixed term, here’s my take. Stop waiting for the perfect moment because it doesn’t exist. Lock in a rate now. You’ve got nothing to lose because here’s the bit most people don’t know. If rates drop before your mortgage completes, you can usually switch to the lower rate with the same lender at no extra cost. 

“It’s like having your cake and eating it, except with mortgages, which admittedly is less delicious. I’d wager only about a third of borrowers actually understand this. So reserve a rate now.”

Richard Davidson, Mortgage Advisor at onlinemortgageadvisor.co.uk, said borrowers should lock in now.

He added: “The best advice for borrowers, based on recent years’ experience, is to always lock in rates when possible. While rate predictions are abundant in the current landscape, we’ve seen that unexpected events can easily disrupt them.

“Despite the general belief that the trend was downward, it has been a rollercoaster, with sudden jumps that throw everything off balance. The advantage is that most lenders allow you to ‘switch up’ during the process; if better rates become available, you can take them, but if they rise, you’ve already secured the lower rate. 

“Economic data is priced in ahead of time, so unless there’s a shock result, inflation, GDP, or Bank of England decisions don’t have an immediate impact on rates.”

Rohit Kohli, Director at Romsey-based The Mortgage Stop, said many borrowers don’t know that flexibility exists.

He continued: “Every data point is being scrutinised right now. That alone shows the continued pressure on households. Inflation, swap rates and lender pricing are moving quickly, and lenders are reacting faster than they did even a year ago. 

“If CPI cools as expected, we could see further downward momentum in rates. Some big names have already edged pricing down. But borrowers shouldn’t try to ride the wave off the back of a single release. Markets can turn just as quickly. 

“I always suggest that the best approach is to secure a deal when it fits your timeline and budget. Most lenders will let you lock in a rate and switch to a lower one before completion if pricing improves. Many borrowers still don’t realise that flexibility exists.”

4 responses from the Newspage community

Copy all

Copy

Editor
Mark O'Connor
Mortgage Advisor at Onlinemortgageadvisor.co.uk
As I have always done, I say to borrowers 'lock in', all my clients are informed that during the transaction if rates do drop we can switch before any completion takes place.

I do expect lenders to follow Nationwide and Santander and drop rates, hopefully this does not lead to an impact on service levels which unfortunately is the way sometimes, a lender brings out a market leading rate and then are overwhelmed with enquiries and applications, lenders have to balance rate drops and customer service, not always an easy thing to do.
Copy

Editor
Richard Davidson
Mortgage Advisor at onlinemortgageadvisor.co.uk
The best advice for borrowers, based on recent years' experience, is to always lock in rates when possible. While rate predictions are abundant in the current landscape, we’ve seen that unexpected events can easily disrupt them. Despite the general belief that the trend was downward, it has been a rollercoaster, with sudden jumps that throw everything off balance. The advantage is that most lenders allow you to 'switch up' during the process; if better rates become available, you can take them, but if they rise, you’ve already secured the lower rate. Economic data is priced in ahead of time, so unless there's a shock result, inflation, GDP, or Bank of England decisions don't have an immediate impact on rates.
Copy

Editor
Louis Mason
Content and Communications Director at Oportfolio Mortgages
If Wednesday's CPI figures come in as expected, we'll likely see more lenders shuffling their rates around, but let's not get carried away just yet. What we're likely to see is a slightly less boring version of the usual cautious tweaking. Nationwide and Santander's moves last week were more like testing the water with their toes than diving in headfirst.

"For borrowers staring down the end of their fixed term, here's my take. Stop waiting for the perfect moment because it doesn't exist. Lock in a rate now. You've got nothing to lose because here's the bit most people don't know. If rates drop before your mortgage completes, you can usually switch to the lower rate with the same lender at no extra cost.

"It's like having your cake and eating it, except with mortgages, which admittedly is less delicious. I'd wager only about a third of borrowers actually understand this. So reserve a rate now.
Copy

Editor
Rohit Kohli
Director at The Mortgage Stop
Every data point is being scrutinised right now. That alone shows the continued pressure on households. Inflation, swap rates and lender pricing are moving quickly, and lenders are reacting faster than they did even a year ago.

If CPI cools as expected, we could see further downward momentum in rates. Some big names have already edged pricing down. But borrowers shouldn’t try to ride the wave off the back of a single release. Markets can turn just as quickly.

I always suggest that the best approach is to secure a deal when it fits your timeline and budget. Most lenders will let you lock in a rate and switch to a lower one before completion if pricing improves. Many borrowers still don’t realise that flexibility exists.