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Tips and advice for borrowers coming off their mortgage fixed rates

ended 07. July 2025

With huge numbers of borrowers coming off their fixed rate mortgages this summer, many taken out before Liz Truss torpedoed the market in 2022, what’s your advice to them? 

Clearly everyone’s situation is different, but is now the time to fix or might an ERC-free tracker be a better deal if the Bank of England serves up two rate cuts later in the year? 

  • How important is it for borrowers to lock into the lowest rate now just in case rates rise again, for example if inflation edges further up? 
  • What basic tips and advice do you have for borrowers? 
  • And any warnings or pitfalls people need to look out for? 

11 responses from the Newspage community

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Pete Mugleston
Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk
Borrowers who avoided the chaos of the botched Trussonomics experiment are about to come down to earth with a bump. They are looking at average rates in the 4% to 5% range, a big increase on the 2% rates we saw before Truss entered 10 Downing Street. Borrowers should aim to secure a decent rate as soon as possible, given the still uncertain economic outlook, with the potential for inflation to rise and for Trump to announce new tariffs at any moment. Gambling on a tracker mortgage is risky, as it's not a given the Bank of England will reduce rates this year. Using a broker is the best bet, as they can look at the wider market and find a deal that works for you.
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Ross Lacey
Director & Independent Financial Adviser at Fairview Financial Management
Once you're within six months of your fixed-rate deal ending, start properly considering your options. You can lock something else in now, well in advance, that's ready to start once your deal ends, with the flexibility to cancel it should something better come along. This'll give peace of mind that you're protected should rates rise between then and now, without tying you down if things improve. For those who'll be moving off very competitive fixed rate deals, consider how you might soften the blow of increased monthly payments. You could potentially look at extending your mortgage term or, in some cases, make a modest overpayment to unlock better mortgage deals by being in a lower "loan to value" bracket. Ultimately, what's right for you will depend on various factors, so chat with a broker to work out the best strategy. Doing this early means you'll have more time to prepare and take advantage of any opportunities.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Borrowers who locked in before the Trussonomics debacle have enjoyed an extended holiday on ultra-low rates but the market has now reset to more normal conditions. While the era of rock-bottom borrowing is behind us, the worst of the rate spikes is also in the rear-view mirror. For most people, a mortgage is a 25-year journey that will weather many economic turns, so it’s less about chasing the lowest possible rate and more about choosing a product that fits your life today. Some may benefit from the flexibility of a tracker if they expect rate cuts, but others will want the peace of mind a fix offers, especially if inflation surprises on the upside. And yes, the payment shock is real, but many can soften the blow by refinancing other debts or tightening budgets. Most homeowners go through a reset like this at some point, and it should be looked at as a rite of passage, not a crisis.
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Mike Staton
Director at Staton Mortgages
The number one priority for any buyer in the current market is to get professional advice. Stay clear of social media gurus without any regulations or qualifications and research your adviser thoroughly. Check out their business page, check out their Google reviews, check out the FCA register to make sure they are on it. Unfortunately, your mate Steve from the pub isn't qualified to give you mortgage advice on Facebook just because he helped his mum and dad move home. A good broker will find you a market-leading deal and keep on top of rate changes for you. So fix in as early as possible and let your broker do the rest of the work.
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Elliott Culley
Director at Switch Mortgage Finance
Interest rates are lower than at their peak, but many borrowers will still be in for a shock. The best advice currently for any borrowers coming to the end of their fixed rate deal is to plan early and not panic. You can look at a remortgage 6 months in advance, although your existing lender may not provide a new deal until three months prior. In a 6 month period, rates can vary wildly and the lowest rate available to you may be there six months before the renewal is required. You just don't know so starting the process early means you will get the best deal available to you.
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Sean Horton
Managing Director at Respect Mortgages
Start your search six months early and speak to a mortgage broker - they'll spot deals you might miss and handle the paperwork. You've got two main routes: stick with your current lender via a product transfer, or shop around for a remortgage with better rates elsewhere. Product transfers are quicker and often cheaper to arrange, but shopping around often secures better rates. Your broker will crunch the numbers on both. The big question: fix for certainty or gamble on a tracker? Most borrowers prefer knowing exactly what they'll pay each month, especially with economic uncertainty ahead.
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Justin Moy
Managing Director at EHF Mortgages
Borrowers should look to take a new deal as soon as they can, either via a remortgage to a new lender or by taking a new deal from their current lender. Careful ongoing checking by your mortgage broker will ensure you have all the benefits of the lowest rates but are protected from anything too expensive over the next few months. Having that proactive support will potentially save you hundreds of pounds over the next few years. Leaving it too late might mean you miss the best deals, as they can be pulled at speed and with little notice. Brokers get advanced notice from most lenders and can react quickly to any news.
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Tony Redondo
Founder at Cosmos Currency Exchange
For UK borrowers exiting fixed-rate mortgages this summer, particularly those secured before the market turbulence caused by Liz Truss’s 2022 minibudget, Trump’s tariffs and Labour’s first year in charge with bond yields higher now than three years ago, its best to start your review process six months early to avoid costly SVRs (6.63%–7.60%). Sub-4% fixed rates (e.g., 3.84% for 40%+ equity) offer payment certainty, ideal if inflation rises above the 3.4% registered in May. Two-year fixes balance affordability and flexibility; five-year fixes suit long-term planners. ERC-free trackers (avg. 4.91%) save money if rates drop to 3.5% by 2026 as widely predicted but risk hikes. Best check your LTV, compare fees, check for switchable deals, consider product transfers, and boost your credit score if possible.
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Rob Peters
Principal at Simple Fast Mortgage
Everyone’s situation is different, but here are three golden rules: talk to a mortgage adviser 6 months before your deal ends. Check if a flexible tracker with no penalties suits you - if rates fall, you win, if they rise, you can fix later. Don’t chase the lowest rate blindly – consider fees, flexibility and your future plans. The market is uncertain, but with the right advice, you can navigate it confidently.
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Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
Get in quick. Locking in a fixed rate now is a great strategy, even if you don't come off your mortgage rate for 6 months. You've the benefit of securing a rate now, in case they go up, but if they drop you can easily switch to the new lower rate. Consider how long you want to fix for, as rates are still expected to fall futher. Finally, re-assess your finances. If your mortgage will increase, work out what you can cut out to offset this.
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Kundan Bhaduri
Entrepreneur, Investor and Landlord at The Kushman Group
Thousands of borrowers are about to discover just how expensive Liz Truss’s 49-day premiership really was. Those coming off sub-2% fixed rates this summer are now staring down the barrel of 5% deals, if they’re lucky. If you think Andrew Bailey might actually do his job and cut rates before Christmas, then a tracker with no early repayment charges offers flexibility without a long-term shackle. But if the idea of unpredictable payments brings you out in hives, a short 2-year fix might be the lesser evil. Just don’t be lured into five-year fixes at peak pricing, unless you fancy overpaying for economic stability that may be on the horizon. Speak to a broker, not your bank. Check the fees, not just the rate. And for heaven’s sake, don’t drift onto your lender’s standard variable rate, it’s financial self-harm. This isn’t the time for complacency. It’s survival of the least panicked. As ever, those who plan ahead will pay less and sleep better.