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First, confirm with your lender exactly when the payment changes, why it changes and how the new amount was calculated. Then test the full payment against your household budget. If you may struggle to pay, contact the lender now—not after missing a payment—and ask for written comparisons of a product transfer, any eligible remortgage and temporary support.
The £671 increase is the scenario in this question, not a verified typical increase. Whether that figure is correct for your mortgage depends on details such as your balance, interest rate, remaining term, repayment type and deal end date.
Why is the mortgage payment changing?
The timing depends on your mortgage and its terms. A fixed-rate borrower is generally affected when the fixed deal expires and the next rate takes effect. Tracker and variable-rate borrowers may see a change sooner, depending on how their rate is set and when the lender applies a change. MoneyHelper explains the different timing in its guide to preparing for an interest rate change; the FCA also outlines how different mortgage types may respond in its mortgage support guidance.
Ask your lender to confirm the effective date and the reason for the change. Request the rate, balance and remaining term used to calculate the new payment, along with any fees or early repayment charge. Check these against your mortgage offer or latest statement. If the quoted amount or timing is unclear, ask the lender to explain it in writing before choosing a new deal or support option.
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Can your household budget absorb the full increase?
Build your budget around the confirmed payment, not a hoped-for future rate change. List household income and essential and discretionary spending, then work out what remains after the new mortgage payment and other priority bills. MoneyHelper recommends estimating the change and reviewing your finances with its free Budget Planner.
Check whether any relevant insurance cover or benefits could help with a shortfall, but do not assume they will cover the increase. MoneyHelper’s guide to help with mortgage payments covers these and other steps to consider.
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If the new payment is affordable, keep paying the mortgage in full and on time. HM Treasury’s Mortgage Charter, published on 26 March 2026, says borrowers who can afford their repayments should continue making them in full and on time.
If the payment may be unaffordable, contact your lender early
Tell the lender when the change starts, what you can realistically afford and whether the difficulty is temporary or ongoing. The FCA says borrowers worried about affording payments should contact their lender as soon as possible. Its guidance, updated 14 May 2026, says lenders should offer support tailored to a borrower’s circumstances. You can also review the FCA’s guidance on dealing with the financial impact of rising costs.
Ask the lender to put each option in writing. For every proposal, compare the payment now, the payment when any temporary arrangement ends, fees, the remaining term, how capital is repaid and the total amount you would pay. Also ask about eligibility, any early repayment charge, and whether you can switch or return to your previous arrangement. A lower payment today can mean higher payments later or a higher overall cost.
Compare the mortgage options, not just the first monthly payment
| Option to ask about | Possible benefit | What to check |
|---|---|---|
| Product transfer with your current lender | May let you move to a new rate without changing lender. | Rate, fees, deal length, eligibility and any charge for changing before the current deal ends. Ask when the new rate would start and how long the offer is valid. |
| Remortgage to another lender | May provide a more suitable or cheaper deal if you qualify. | Affordability checks, valuation and legal costs, early repayment charge, timing and total cost. A broker may help compare deals; ask about their fees before proceeding. |
| Extend the mortgage term | Can reduce the required monthly payment. | Repayment takes longer and total interest or cost can rise. The lender may assess whether the extended term remains affordable, including at retirement age. |
| Temporary interest-only or part interest-only payments | Can reduce payments for a limited period. | Capital is not repaid on the interest-only portion during that period. Ask when and how capital repayments resume, what the later payment will be and how the arrangement affects total cost. |
| Other tailored or temporary support | May suit a short-term affordability problem. | Availability depends on your circumstances and lender terms. Request the payment schedule and an explanation of any credit-file implications rather than assuming a particular outcome. |
MoneyHelper explains product transfers and preparing for a deal ending. The FCA’s mortgage support guidance describes options such as term extensions and temporary interest-only payments, including their trade-offs. Availability and suitability depend on your lender’s terms and your circumstances.
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Check whether a remortgage is realistic before relying on it
A lower advertised rate does not mean you will qualify or save money once costs are included. Ask potential lenders or a regulated mortgage broker to check your eligibility, affordability and any early repayment charge on your current mortgage. Compare the full cost over the deal period and consider what happens when that rate ends. If you use a broker, establish their fees and what service they will provide before agreeing to proceed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.If neither the budget nor a switch works
If your wider budget is unworkable, seek free debt advice and keep your lender informed. MoneyHelper’s mortgage payment guidance points to steps for people who are struggling, while the FCA says to contact the lender early and discuss tailored support.
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If you have kept payments up to date but cannot find an affordable new deal, ask whether you might qualify for a mortgage-prisoner route. MoneyHelper’s mortgage prisoner guidance describes a limited route that may allow a modified affordability assessment; eligibility is not guaranteed.
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