Remortgage activity slowed in May 2026. Bank of England Money and Credit figures show approvals for remortgaging with a different lender fell to 33,300 in May, from 51,200 in April.
That does not mean every borrower will struggle to remortgage. It is a reminder to review your position before a fixed-rate deal ends, especially if your mortgage may move onto a standard variable rate.
Why fixed-rate borrowers should review early
A fixed-rate mortgage gives you set payments for an agreed period. When that period ends, your lender may move you onto another rate unless you choose a new product or remortgage elsewhere.
Your options may include staying with your current lender, switching to another deal with the same lender, or applying to a different lender. Each route can involve different costs, checks and timescales.
A remortgage review may help you understand what is available, but it does not guarantee approval or a lower payment.
What to check before your deal ends
Start with your existing mortgage offer or annual statement. Check the fixed-rate end date, any early repayment charge, exit fees, remaining balance, remaining term, overpayment rules and whether your current lender offers a product transfer.
If you are unsure about the terminology, the mortgage jargon buster may help.
A lender will usually review income, spending, credit commitments and the property before approving a remortgage with a different lender. If your circumstances have changed, prepare early. This may include employment, self-employment income, childcare costs, loans, credit cards or planned retirement.
You can read more about general mortgage advice and the role of a mortgage adviser in Essex.
The full cost, not only the rate
A lower headline rate is not always the most suitable option. You should also consider arrangement fees, valuation costs, legal work, incentives, early repayment charges and the total amount repayable.
If you are moving home at the same time, review your home mover mortgage options and the wider buyers advice process. Legal work may also be needed, so it can be helpful to understand conveyancing early.
What if you are a first-time buyer or landlord?
The May figures relate to remortgaging with a different lender, but the same planning principle can apply to other borrowers.
If you are buying your first home, first-time buyer mortgage advice can help you understand deposit, affordability and document requirements.
If you own a rental property, buy-to-let mortgage criteria may differ from residential borrowing. Rental income, personal income, tax position and property type can all matter.
FAQs
Did all remortgage approvals fall in May?
The Bank of England figure covers remortgaging with a different lender. It does not capture every product transfer with an existing lender.
When should I review my fixed-rate mortgage?
Many borrowers review several months before the fixed period ends, so there is time to compare options and prepare documents.
Can I remortgage if my income has changed?
Possibly, but the lender will assess affordability and evidence. This may be more detailed if you are self-employed or your income is variable.
Can Alexandra Hamilton help?
You can read why use a mortgage broker, complete a mortgage enquiry or contact Alexandra Hamilton to discuss your circumstances. Any recommendation would depend on your needs, affordability and available products.
Important information
Your property may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances and will be agreed with you before proceeding, but we estimate this to be £995.
The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
