A £400 monthly increase can be a real shock for an individual household, but it is not the expected increase for millions of borrowers. The Bank of England’s 2026 projection says a little over 5 million households could see their mortgage repayments rise by the end of 2028; it does not say they will all pay £400 more. What happens to your payment depends on your mortgage and the deal you choose next.
What happens when my fixed-rate mortgage ends?
Your agreed payment normally stays the same during a fixed-rate period. When that deal expires, your lender’s next applicable rate and the remaining balance and term determine what you pay. Check the end date on your mortgage documents or lender account, then find out what deals are available before the fixed period ends.
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If you do not arrange another deal, your mortgage will usually move to the lender’s reversion rate, which may be a standard variable rate. The rate and terms depend on your lender; check your mortgage offer or ask the lender rather than assuming what will apply.
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Trackers and other variable-rate mortgages work differently: their rates, and therefore payments, can change before a fixed deal would have ended. A fixed-rate expiry is not the only reason a mortgage payment might change.
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How much could my mortgage payment go up?
There is no single increase that applies to everyone. Your balance, remaining term, current rate, new rate, loan-to-value ratio, fees and the date you switch all affect the payment. The £400 figure in the headline describes a possible household experience, not a typical or officially established increase for millions.
The Bank of England’s 2026 report projected that a little over 5 million households would see repayments increase by the end of 2028. That is a projection based on market-rate and mortgage-stock information available to the report, and covers a range of increases. For a more specific group, nearly 750,000 households paying less than 3% interest and coming off fixed deals in 2026 were projected to face an average increase of £170 a month. That average applies only to that defined group.
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- FIGURE OUT THE RIGHT LOAN: 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
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Earlier figures used different dates and assumptions. In 2023, the Bank estimated that around 4.5 million mortgage accounts had already seen repayment increases since rates began rising in late 2021, with around 4 million more expected to be affected by the end of 2026. For a typical mortgagor whose fixed deal ended in the second half of 2023, it estimated monthly interest payments would rise by about £220 if their rate increased by the 325 basis points implied by mortgage rates quoted at the time. Those were historical projections and a specific scenario, not current estimates of an individual’s payment.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsThe FCA’s Financial Lives 2024 survey measured expectations, not later confirmed payment changes: 58% of residential mortgage holders on fixed, discounted, tracker or capped deals expected their payments to rise when their deal ended, equivalent to 7.5 million adults. Among respondents with less than a year remaining on their deal, 84% expected an increase. Fieldwork took place from 5 February to 16 June 2024, so these figures should not be read as a 2026 forecast.
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Should I remortgage or stay with my lender?
Ask your current lender about a product transfer, meaning a new deal with that lender, and compare it with remortgage offers from other lenders. Neither route is automatically cheaper or right for every borrower. Compare the costs over the same period and include fees, charges and any early repayment charge—not just the headline rate.
| What to compare | Product transfer | Remortgage |
|---|---|---|
| Rate and monthly payment | Check the rate offered by your current lender and calculate the payment. | Compare the rate and payment offered by the new lender. |
| Total cost | Include product or arrangement fees and any other charges. | Include product fees and switching or administration costs. |
| Early repayment charge | Check whether changing before your current deal ends triggers one. | Check whether redeeming your current mortgage triggers one. |
| How fees are paid | Check whether any fee is due upfront or can be added to the mortgage. | Check whether any fee is due upfront or can be added to the mortgage. |
| Term and plans | Compare how long the new deal is fixed and whether it suits plans to move. | Compare how long the new deal is fixed and whether it suits plans to move. |
| Eligibility and affordability | Ask what checks and conditions apply to the offer. | Check the new lender’s eligibility and affordability requirements. |
A lower rate does not necessarily mean a lower monthly payment or lower total cost once a fee is included. MoneyHelper’s comparison example illustrates why it is worth comparing the payment and overall cost with fees counted. If you are unsure how to compare offers or your circumstances are complex, consider seeking qualified mortgage advice.
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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
When should I look for a new deal?
MoneyHelper’s September 2026 guidance says that if your current deal ends within six months, you may be able to lock in a new deal. Signatory lenders to the Mortgage Charter also allow eligible customers approaching the end of a fixed rate to lock in a deal up to six months ahead. Availability and terms depend on the lender and your circumstances.
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What if the new payment will be difficult to afford?
Contact your lender as soon as you are worried about paying. The FCA advises borrowers to contact their lender promptly, and the 2026 Mortgage Charter says contacting a lender for help will not affect your credit file. Do not stop or reduce your payments without speaking to your lender.
The Charter describes support options for eligible customers who are up to date with payments, including a temporary switch to interest-only payments or extending the mortgage term. These options have conditions and consequences: a lower payment now can affect how quickly you repay the loan and the amount of interest paid over time. Ask your lender to explain what applies to you and what the longer-term costs would be. No single option is available or suitable for every borrower.
As the Mortgage Charter puts it: “The Charter is built around a simple principle: if you are worried about your mortgage, contact your lender as early as possible.”
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