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New Year, New Mortgage: Your 2026 Financial Health Check

5th January 2026

The start of a new year is a natural moment to review your finances — and for most households, the mortgage is the biggest financial commitment they have. Yet many homeowners go year after year without checking whether they are on a competitive deal, often paying hundreds of pounds more per month than they need to.

Here are the key questions to ask yourself at the start of 2026.

Are You on Your Lender's Standard Variable Rate?

If your fixed or tracker deal has ended and you have not remortgaged, you will have rolled onto your lender's standard variable rate (SVR). SVRs are set by lenders independently and typically sit several percentage points above the Bank of England base rate. Most borrowers on an SVR are paying significantly more than they would on a new fixed deal available in the market today.

Check your mortgage statement or contact your lender to confirm what rate you are currently paying. If it is your lender's SVR, getting advice on your remortgage options should be a priority in the first quarter of this year.

When Does Your Current Deal End?

If you are on a fixed or tracker deal, note when it ends. Most advisers recommend starting to review your options three to six months before the deal expires. Many lenders will let you reserve a new rate up to six months ahead, giving you the security of knowing your next deal is in place before your current one ends.

Has Your Situation Changed?

Your mortgage needs may have changed since you last reviewed. A change of job or income, the addition of a dependent, a relationship change or plans to move home in the next few years can all affect the most appropriate mortgage product for your circumstances. A mortgage adviser will assess your current situation rather than simply renewing what you had before.

Could You Benefit from a Lower Rate?

With the Bank of England having cut the base rate through the latter part of 2024 and into 2025, fixed mortgage rates are lower than they were at the peak of the rate cycle in 2023. Borrowers who fixed at the top of the market may find that remortgaging now, even with any early repayment charges, could result in meaningful savings over the remaining term.

A whole-of-market mortgage broker can compare deals from dozens of lenders and calculate whether switching makes financial sense for your specific situation, taking into account any fees or charges involved.

Are You Overpaying?

Many mortgages allow you to overpay by up to 10% of the outstanding balance each year without incurring early repayment charges. Overpaying reduces the loan balance, shortens the overall term and reduces the total interest you pay over the life of the mortgage. If you have surplus income, it is worth checking whether your mortgage permits overpayments and what the most efficient approach would be for your situation.

Taking thirty minutes to review your mortgage at the start of 2026 could save you a significant sum over the course of the year. To speak to one of our advisers and get a complete picture of your options, please submit an online enquiry today.

Speak to a Mortgage Adviser

Our advisers can help you find the right mortgage. Please submit an online enquiry or call 0800 310 1340.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.