Should I Fix My Mortgage Now?

For most borrowers, yes - fixing now makes sense. Current 2-year fixes around 4.8% and 5-year fixes around 4.9% are significantly lower than SVR rates of 7-8%. While rates may fall slightly in 2026, staying on SVR costs hundreds per month. Fix now to lock in certainty, or consider a tracker if you're confident rates will drop and can afford potential increases.

2-year vs 5-year fixed comparison

Learn more about 2-year vs 5-year fixed comparison in our detailed guide.

Learn more about when to remortgage in our detailed guide.

Learn more about what is svr in our detailed guide.

Learn more about remortgage guide in our detailed guide.

Should I fix my mortgage for 2 or 5 years?

Choose 2 years if you expect rates to fall and want flexibility to remortgage sooner. Choose 5 years for payment certainty and protection against rate rises. If unsure, 5-year fixes offer peace of mind, and the rate difference is currently minimal (around 0.1-0.2%).

Are mortgage rates going to drop in 2026?

Most forecasts suggest rates will gradually decline through 2026 as inflation stabilises. Current average 2-year fixes are around 4.8%, potentially dropping to 4-4.5% by late 2026. However, forecasts can change quickly based on economic conditions and Bank of England decisions.

Is it worth waiting for rates to fall before remortgaging?

Usually no. If you're on SVR (typically 7-8%), you're paying hundreds extra monthly while waiting. Even if rates drop 0.5% in 6 months, the SVR premium you've paid may exceed any savings. Most advisers recommend fixing now rather than gambling on future rates.

What happens if I fix and rates drop?

You'll be locked into your fixed rate for the term. Most fixes have early repayment charges (ERCs) of 1-5% of the loan if you leave early. Some people regret fixing before rate drops, but remember: you also have protection if rates rise instead.

Should I fix if I might move house?

Consider a portable mortgage - most fixes can be transferred to a new property. If the new mortgage is larger, you'll add the extra borrowing at current rates. If you're likely to move within 2 years, a shorter fix or tracker might offer more flexibility.

Is a tracker mortgage better than fixed right now?

Trackers are currently around 0.5-1% lower than fixed rates. They're better if you believe rates will fall and can afford payment increases if they don't. Fixed rates suit those wanting certainty. Your risk tolerance determines which is right for you.

Quick Answer

Should I Fix My Mortgage in 2026?

Last reviewed: December 2025

Reviewed by Jay Sabine – CeMAP Qualified – 29 years experience

For most people, yes. Current fixed rates (4-5%) beat SVR (7-8%) significantly. Don't pay a premium waiting for uncertain rate drops.

The decision to fix depends on your circumstances, but for most homeowners the answer is yes. Current 2-year fixed rates average around 4.8% and 5-year fixes around 4.9% - both significantly cheaper than typical SVR rates of 7-8%. While economists predict modest rate reductions through 2026, staying on SVR to wait for falls costs you hundreds monthly. For a £250,000 mortgage, the difference between 4.8% fixed and 7.5% SVR is over £400/month. Even if rates drop 0.5% in six months, you'd have lost more waiting than you'd save.

Rate forecasts are estimates and can change. Your home may be repossessed if you do not keep up repayments on your mortgage.

Key Points

1Current 2-year fixes: around 4.8%
2Current 5-year fixes: around 4.9%
3Typical SVR rates: 7-8%
4Forecasts suggest gradual rate reductions through 2026
51.8 million fixed deals expired in 2025
6Waiting on SVR usually costs more than any future savings

Eligibility Criteria

Your current deal ends in the next 6 months
You're already on SVR paying premium rates
You want payment certainty for budgeting
You're risk-averse about rate increases
You plan to stay in your property for the fix period

Typical Timeframe

Start your remortgage 3-6 months before your current deal ends. Most mortgage offers are valid for 3-6 months, so you can lock in today's rates while still benefiting if rates drop before completion.

Next Steps

1Check when your current mortgage deal ends
2Calculate how much you're paying vs current fixed rates
3Compare 2-year vs 5-year fixed options
4Consider whether a tracker suits your risk appetite
5Speak to a broker about the best current deals

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Should I Fix My Mortgage in 2026?

Key Points

Eligibility Criteria

Typical Timeframe

Next Steps

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