On 5 October 2026, Moneyfacts counted just nine fixed mortgage deals below 5% that were available outside Northern Ireland-only offers, down from 1,494 at the start of September. That is a sharp contraction in cheaper fixed-rate options—not proof that every borrower has lost access to a sub-5% deal. Moneyfacts still counted 107 such deals when Northern Ireland-only products were included, and eligibility, loan-to-value ratio, fees and lender criteria determine what any individual can actually get.
If your fixed rate is ending, check your expiry date and contact your lender early. You may be able to secure a replacement deal before the current one ends; waiting without arranging a new deal will normally leave you on your lender’s reversion rate.
Have all fixed mortgage rates below 5% disappeared?
No. Moneyfacts’ analysis on 5 October 2026 counted nine sub-5% fixed products excluding deals available only in Northern Ireland, compared with 1,494 at the start of September—a 99% fall. Including Northern Ireland-only products, the count fell from 1,691 to 107, a 94% decrease. These are counts of products, not offers that every borrower can qualify for.
Moneyfacts also reported average fixed rates of 5.98% for two-year deals and 6.00% for five-year deals, their highest points since December 2023 and September 2023 respectively. An average is not the cheapest available rate or a personal mortgage quote. The number of sub-5% variable products was broadly stable, falling from 411 to 389 excluding Northern Ireland-only offers; a variable rate is not equivalent to a fixed rate because payments can change.
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Moneyfacts attributed pressure on fixed pricing to swap-rate volatility and rising gilt yields and wholesale funding costs, and said major lenders raised selected fixed rates several times in September. These are Moneyfacts’ explanations for market conditions, not a guarantee of how any lender will price a future deal. Moneyfacts’ 5 October 2026 market analysis sets out its figures.
What happens when your fixed-rate mortgage ends?
If you take no action, you will normally move onto your lender’s reversion rate, often its standard variable rate, which is usually higher than the introductory fixed rate. Check the end date and the rate that will apply afterwards in your mortgage documents or by asking the lender. An early repayment charge may apply if you repay or switch before the fixed deal ends, so confirm any charge before changing early.
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The payment increase is not the same for everyone. UK Finance’s April 2026 report simulated 2026 expiries using rates available on 23 March 2026 and indexed loan-to-value assumptions. In that dated simulation, the historically low five-year cohort faced a £395 monthly increase in interest payments, while the 2024 cohort faced a £37 increase. The report said around 28% of its 2026 expiring fixed-rate cohort had loans originating in 2021, averaging 2.35%; it compared these with average rates of 4.87% for two-year fixes taken out in 2024. These modeled interest-payment changes are not individualized repayment estimates or a forecast of rates today. UK Finance’s April 2026 analysis explains the assumptions.
When should you arrange a new mortgage deal?
Start by asking your current lender when it will accept an instruction for a replacement product, then compare options while you still have time to decide. The FCA says mortgage offers are generally valid for three to six months, depending on the lender. Mortgage Charter signatories give borrowers approaching the end of a fixed deal the opportunity to lock in a new deal up to six months ahead. A lender’s actual window and offer terms may differ, so verify them directly rather than assuming you can secure a rate on a particular date.
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Moneyfacts’ Rachel Springall advises borrowers coming to the end of a fixed deal to seek advice and compare carefully, noting that a new deal may be secured a few months before the current mortgage ends. Product-transfer lead times vary by lender.
Should you stay with your lender or remortgage elsewhere?
Compare a like-for-like product transfer with the cost and conditions of moving to another lender. For an up-to-date borrower, the FCA says switching to a new deal with the same lender should generally be possible without a fresh affordability assessment, unless you are borrowing more, subject to exceptions. A new-lender application will generally involve an affordability assessment. Your eligibility and the checks required depend on your circumstances and the lender.
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- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
- Compare total cost, not just the headline rate. Include fees, cashback or other incentives, any early repayment charge, and what happens when the new introductory period ends.
- Check how long the rate lasts and how you can exit. Compare the fixed period and early repayment terms alongside the monthly payment.
- Consider payment certainty. A fixed rate gives certainty over the rate for its agreed period. Tracker rates are linked to an external rate such as Bank Rate, while variable rates can change; a lower initial rate alone does not show which option is affordable for you.
- Check eligibility and availability. Loan-to-value, lender criteria and geographic availability—including Northern Ireland-specific product availability—can affect which deals you can access.
There is no universally best option: assess whether the payment remains manageable and compare deals on your own circumstances. The FCA’s mortgage guidance explains reversion rates, early repayment charges and switching considerations.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What if the new payment may be unaffordable?
Contact your lender as early as possible if you are worried about repayments. The Mortgage Charter says discussing your situation with the lender does not affect your credit score; ask the lender how any specific arrangement would be recorded and what its terms mean for you.
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Charter signatories offer tailored support. Eligible borrowers who are up to date with payments may be able to switch temporarily to interest-only payments for six months or extend their mortgage term, subject to the Charter’s conditions. These options can reduce payments in the short term but have consequences for the amount or duration of borrowing; ask the lender for the full effect and whether you can revert under the applicable terms. The HM Treasury Mortgage Charter says its central principle is to contact the lender as early as possible when worried about a mortgage.
The Charter is voluntary. In a written answer on 1 October 2026, the government said it covered 90% of the mortgage market and reported that six large lenders had committed to contact 1.6 million customers whose fixed deals were due to end during 2026. That broad commitment does not replace an individual conversation with your lender. The UK Parliament answer gives the reported coverage and contact figure.
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