The Last Cheap Mortgages Are Ending: What You Need To Do NOW

Is your fixed rate mortgage ending in 2026 or 2027? The last cheap mortgages end in 2027, and if you're coming off a 5-year fix, your monthly mortgage payments could be about to jump. Five-year fixed rate mortgages taken in 2021–22 were the last of the sub-2% deals in the UK, and that final wave of low mortgage rates runs out by around mid-2027. In our example, the same £200,000 mortgage goes from £828 a month to £1,167 at remortgage. That's £338 a month more, or just over £4,000 a year. I'm a practising UK mortgage adviser, and my own fixed rate ends in February, so I'm going through this too. In this video I compare coming off a 2-year fix vs a 5-year fix. I explain why 2-year fixers face more of a curb than a cliff, and why 5-year fixers are being hit hardest by higher UK mortgage rates. You'll also see six things people do when their fixed rate ends: looking early, a product transfer or remortgage, extending the mortgage term, overpaying before the deal ends, choosing the next fix length, and doing nothing. For each one, I cover how it works and what it costs. ⏱ CHAPTERS 0:00 The End of Ultra-Cheap Mortgages 1:06 What to Expect After a 2-Year Fixed Rate 2:43 The Reality of 5-Year Fixed Expirations 4:24 Six Strategic Moves When Your Rate Ends ✅ DO THIS TODAY Find the date your fixed rate ends (it's on your mortgage offer or your lender's app) and set a reminder for six months before it. 💬 Tell me in the comments what rate you're coming off and what you've been quoted. 🔎 Check your credit file before you apply: Checkmyfile shows what three credit reference agencies hold on you in one report. https://bit.ly/4Bbg6wH This is a referral link, so I earn commission if you sign up. Checkmyfile is a paid subscription after the free trial (currently 7 days). 🏠 Thinking about buying instead? Watch this next:    • Should You Buy a House in 2027? The 5-Year...   📊 *Example figures: £200,000 borrowed over 25 years in early 2022 at 1.8% (5-year fix), remortgaged at about £167,000 at 5.7% over 20 years. Rates and figures are illustrative and correct at the time of recording. ⚠️ This video is general information only, not financial advice. The right option for you depends on your income, goals and plans. If you're making a decision, speak to a qualified mortgage adviser. Your home may be repossessed if you do not keep up repayments on your mortgage. #mortgages #fixedrate #remortgage #ukmortgage #personalfinance