Why October Is Not Too Soon To Prepare
January can feel some distance away in October, particularly with Christmas still to come.
In mortgage terms, however, borrowers whose fixed deals end between January and March are already entering a useful preparation window.
Mortgage pricing moved upwards during the summer. At the beginning of August, Moneyfacts recorded average two- and five-year fixed rates of 5.63% and 5.66% respectively, while the average standard variable rate was 7.13%.
Confirm The End Date And Any Exit Charge
The first step is to find the date on which the current fixed rate ends. This should appear on the original mortgage offer, a recent statement or the lender’s online account.
It is also helpful to check:
- The current mortgage balance
- The remaining mortgage term
- The interest rate being paid
- The lender’s current standard variable rate (often higher than new fixed or tracker deals)
- Whether an early repayment charge applies
- When that charge ends
- Any product fees that were added to the loan
The early repayment charge matters because moving to another lender before the fixed period ends could trigger a fee. A new mortgage can often be arranged in advance with completion scheduled for after the charge has expired. Turney & Associates are able to help you with this whole process.
Find Out How Early A Deal Can Be Reserved
Many borrowers can begin reviewing remortgage options several months before their current rate expires. Some mortgage offers remain valid long enough to cover a switch in early 2027, while existing lenders may allow customers to reserve a product transfer in advance.
Securing a rate early can provide a fallback if mortgage pricing rises before completion.
Depending on the lender and any costs already paid, there may also be an opportunity to review arrangement if a more suitable deal appears before the switch takes place.
Compare A Product Transfer With Remortgaging
An existing lender may offer a product transfer. This can be simpler because it may not require a full affordability assessment, valuation or legal process, provided the borrower is not changing the mortgage substantially. Moving to a new lender may provide access to a wider range of products, but usually involves a full remortgage application.
Turney & Associates can compare the existing lender’s options with the wider market and help align any new mortgage with the end of the current deal.
Starting before Christmas leaves more room to deal with paperwork, valuation questions or changes in circumstances without last-minute pressure.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Source Data
[1] Moneyfactscompare.co.uk, Mortgage Rates Rise As Lenders Reverse Course
[2] HomeOwners Alliance, Mortgage Rate Predictions 2026: Are Mortgage Rates Going Down?
Image – Pexels Free Images
