If your fixed-rate mortgage is coming to an end in the next few months, you are almost certainly weighing up the same question thousands of other homeowners are asking right now: do I secure a new deal today, or hold out in the hope that rates fall further? With the Bank of England due to make its next interest rate decision on 17 September, the timing feels especially loaded. Here is how to think it through.

Where rates stand today

The Bank of England base rate is currently 3.75%, having been held at that level at both the June and July meetings. That stability matters, because the base rate is one of the main influences on the mortgage deals lenders are willing to offer.

The encouraging news is that competition between lenders has been pushing fixed rates gently downwards over recent weeks, with several high-street names trimming their fixed products. We are a long way from the ultra-cheap deals of a few years ago, but the direction of travel has been more positive than many people feared.

Why this moment feels difficult

A large number of homeowners took out five-year fixes back in 2021, when rates were exceptionally low. As those deals mature, the jump to today’s rates can come as a shock, and it is natural to want to delay in case a better deal appears next month.

The problem with waiting is that nobody, including the lenders themselves, knows for certain what the Bank will do on 17 September or how the market will respond. Even if the base rate is cut, that does not automatically translate into lower fixed rates on the day, because much of any expected change is already reflected in the deals on offer. Waiting can just as easily mean rolling onto your lender’s standard variable rate, which is usually considerably more expensive, than catching a better deal.

The tactic that gives you the best of both worlds

Here is the part many people do not realise: you generally do not have to choose between acting now and keeping your options open. Most lenders will let you secure a new rate up to six months before your current deal ends. That reserved rate acts as a safety net, so you are protected if rates rise.

Crucially, it is not a one-way commitment. If rates fall between now and your completion date, a good broker can review the offer and switch you to the cheaper deal before it starts. In other words, you lock in a worst-case scenario today and stay free to improve on it. For anyone whose deal ends this autumn or winter, this is usually the sensible move.

If you are moving home, not just remortgaging

The picture is slightly different if you are planning to move. House-price growth has been cooling, with annual growth easing to around 1.8% recently, which can work in a buyer’s favour when it comes to negotiating. If you already have a mortgage you are happy with, it is worth checking whether it is portable, meaning you may be able to take it with you to the new property rather than paying early repayment charges.

Moving brings more moving parts, from timing the sale and purchase to borrowing a different amount, so it is well worth getting your mortgage position mapped out before you start viewing. Knowing exactly what you can borrow puts you in a stronger position when you find the right home.

Don’t overlook your protection at the same time

A remortgage or a move is the ideal moment to check that your financial protection still fits your life. If your mortgage payments are changing, your family’s exposure changes too. It is worth asking whether your life cover still matches your outstanding balance, and whether income protection or critical illness cover would give you peace of mind if illness or job loss made those payments hard to keep up. Sorting the mortgage and the safety net together, rather than treating them as separate jobs, saves time and closes gaps you might not spot on your own.

How we can help

At Grange Mortgages we advise across the whole of the market, so we are not tied to any one lender’s range. That means we can compare deals widely, tell you honestly whether locking in now or reserving a rate to review later makes sense for your circumstances, and handle the paperwork and timing around the September decision so you do not have to watch the market yourself.

If your fixed rate ends within the next six months, now is a good time for a no-obligation chat. Get in touch and we will look at your options together.