On 5 November 2026 the Bank of England raised Bank Rate from 3.75% to 4%. It was the first increase since August 2023, and the Bank said it doesn't see it as the start of an automatic run of rises. The next decision is due on 17 December.
If you're on a fixed rate, your payments won't change today. But when your deal ends, you'll be choosing from a very different set of rates. UK Finance says around 2.3 million fixed-rate deals will expire across 2027. Moneyfacts' latest rate watch (13 November) puts the average two-year fix at 5.93% and the average five-year fix at 5.95%.
So if your deal ends next year, planning early is the most useful thing you can do. Here's a simple timeline, along with answers to the questions we hear most from homeowners in Hastings, Bexhill, Eastbourne and across East Sussex.
What happens if you do nothing?
When a fixed rate ends, most lenders move you onto their standard variable rate (SVR), sometimes called a revert rate. The lender sets it, it can change at any time, and it's usually higher than the deals available to new borrowers.
There are two different SVR figures, and they measure different things:
- UK Finance: 6.52%. This is the average rate actually being paid by homeowners on an SVR. It's based on regulated homeowner mortgages as at the most recent half year-end (UK Finance, 4 November 2026).
- Moneyfacts: 7.13%. This is the average advertised SVR across lenders, as at the start of November (Moneyfacts, 4 November 2026). It was published before the Bank Rate rise, and several lenders have since raised their revert rates by 0.25 percentage points.
Neither figure is your own rate, which your lender can confirm. Staying on an SVR is rarely the cheapest option, and nobody will make you act. The direct debit just changes.
Your remortgage timeline
6 months before your deal ends
Many lenders let you secure a new rate up to around six months before your current deal ends. Some will also let you switch to a lower rate if one becomes available before the new deal starts. This varies from lender to lender, so don't assume it. The lender's own rules decide how long a rate is held, whether you can switch, and whether any fees apply.
Six months is also a good time to tidy up:
- Find your end date and your early repayment charge (ERC) on your latest mortgage statement.
- Check your credit file for errors or old addresses.
- If you're self-employed, think about when your next accounts or tax calculations will be ready.
3 to 4 months before
This is the time to compare your options properly and get an application moving. Gather:
- Proof of income (for employed and self-employed applicants alike)
- Three months of bank statements
- Photo ID and proof of address
- A rough idea of your home's value
A remortgage to a new lender usually involves a valuation and legal work, which can take a few weeks.
1 to 2 months before
Ideally you'll have a mortgage offer or product transfer agreed, starting the day your current deal ends. If you haven't started yet, there's still time, but it's getting tighter.
Why use a broker for your remortgage?
When your deal is ending, your current lender will usually offer you a product transfer. It can be a sensible option, but it only covers that lender's products. An independent broker can look at the wider market too.
Here's how we help at Transparent Mortgage Services:
- We compare like with like. We set your current lender's product transfer options alongside deals from other lenders, looking at the total cost over the deal, including fees. If staying put works out cheaper for you, we'll tell you.
- We keep an eye on your reserved rate. Once you've secured a rate, we keep reviewing it before completion. If a better one comes along and your lender allows you to switch, we'll talk it through with you. Whether that's possible depends entirely on the lender's rules, and it isn't always available.
What we charge: your first 15-minute review is free. There's no broker fee for a product transfer. If you remortgage to a new lender, our broker fee is £599, paid on completion. Your lender may charge its own fees, such as an arrangement or valuation fee, and we'll explain any before you decide.
You can book a free 15-minute review whenever suits you.
Product transfer or remortgage?
There are two ways to move to a new deal, and we compare both.
- Product transfer (rate switch): you stay with your current lender on a new rate. It's often quicker, and there's usually little or no valuation or legal work. But you only see that lender's own products.
- Remortgage: you move to a new lender. It opens up more choice, and it's the usual route if you want to borrow more, change your term or your circumstances have changed.
Our guide to remortgaging versus rate switching goes into more detail.
Fixed or tracker this time?
A fixed rate gives you certainty about your payments. A tracker follows Bank Rate, so it rises when the Bank puts rates up, though some have no early repayment charges. There's no single right answer: it depends on your budget and how comfortable you are with changing payments. Our article on tracker mortgages explains how they work, and Are mortgage rates going up? gives more background.
Remortgage help in Hastings, Bexhill, Eastbourne and across Sussex
We're an independent mortgage broker based at 17 Havelock Road, Hastings TN34 1BP, and we help homeowners across the Sussex coast and countryside. The timeline above is the same wherever you live. What changes is the local picture, such as property values and the type of homes in your area.
- Hastings and St Leonards: see our remortgage page for Hastings and our guide for St Leonards-on-Sea.
- Bexhill: our Bexhill mortgage broker page covers how we work with local homeowners.
- Eastbourne: see remortgages in Eastbourne.
- Rye, Camber and Winchelsea: read our guide for the Rye area.
- Battle: our Battle guide is a good place to start.
- Seaford: see our Seaford mortgage broker page.
You can also read more on our main remortgage page, or our guide on when you should remortgage.
Remortgage FAQs
When should I start looking at a new deal?
Around six months before your deal ends is a sensible starting point. Many lenders let you secure a rate about that far ahead, but the exact period depends on the lender.
Can I remortgage early, and what is an early repayment charge?
You can, but if you leave a fixed or discounted deal early you may have to pay an early repayment charge (ERC), usually a percentage of the amount you repay. Switching early only makes sense if the saving is bigger than the ERC, so check the numbers first. Your statement or lender will confirm your ERC.
What's the difference between a product transfer and a remortgage?
A product transfer keeps you with your current lender on a new rate. A remortgage moves you to a new lender. The first is often simpler, the second offers wider choice. We compare both side by side.
Will my credit be checked?
A new lender will normally run credit checks on a remortgage application. For a product transfer it depends on the lender and whether you're borrowing more. Our guide to improving your credit score can help you prepare.
What does it cost to remortgage?
Our first 15-minute review is free, there's no broker fee for a product transfer, and our fee is £599, paid on completion, if you remortgage to a new lender. Lenders may charge their own fees, and a remortgage may need a solicitor. Adding fees to your mortgage means paying interest on them, which may increase the total cost.
Can I borrow more when I remortgage?
Often yes, subject to the lender's affordability checks and your home's value. Many people borrow more for home improvements, as our guide to remortgaging for home improvements explains. Borrowing more, or extending your term to lower the monthly payment, may increase the total cost, so weigh it up carefully.
Book your free 15-minute review
If your fixed rate ends in 2027, now is a good time to talk. Send us your latest mortgage statement and we'll show you where you stand.
- Book online: book a free 15-minute review
- Call us: 01424 444597
- Visit us: 17 Havelock Road, Hastings TN34 1BP
Your home may be repossessed if you do not keep up repayments on your mortgage.
If you repay your mortgage early, or switch before your deal ends, you may have to pay an early repayment charge. Adding fees to your mortgage or extending the term may increase the total amount you repay.
This article is for general information only and is not personal advice or a recommendation. The right option depends on your circumstances. Rates, lender rules and availability change often, and any figures were correct on the dates shown.
Transparent Mortgage Services is a trading style of Transparent Financial Associates Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 925926). You can check us on the FCA Register.
Sources
- Bank of England, Bank Rate decision and Monetary Policy Summary, published 5 November 2026; Bank Rate history (last change 5 November 2026).
- UK Finance, Mortgages data update, November 2026, 4 November 2026 (2.3 million fixed deals expiring in 2027; average SVR paid 6.52%).
- Moneyfacts, Mortgage rates hit three-year high, BBR rise imminent, 4 November 2026 (average advertised SVR 7.13%).
- Moneyfacts rate watch, 13 November 2026, as reported by Mortgage Strategy (average two-year fix 5.93%, five-year fix 5.95%).
