I’m on a low fixed rate, should I be doing anything yet?

I’m on a low fixed rate, should I be doing anything yet?

Over the past few years, many homeowners secured extremely low fixed rate mortgages, often between 1% and 2%. If you are one of them, it is completely understandable that reviewing your mortgage may not feel urgent right now.

However, one of the most common mistakes borrowers make is waiting until the last minute to explore their options. Even if your current deal does not end for some time, there can be real advantages to reviewing things early.

Your mortgage doesn’t need to be ending to review it

Many lenders allow you to secure a new mortgage deal up to six months before your current one expires. This means you can start exploring your options well in advance, without committing immediately.

Reviewing early gives you time to:

Understand what your future payments may look like

Plan ahead for any changes in monthly costs

Secure a new deal in advance if suitable

Avoid being moved onto your lender’s higher standard variable rate.

This forward planning can remove uncertainty and help you stay in control.

Your circumstances may have changed

Since taking your current mortgage, your financial situation may have improved.

You may have:

Increased your income

Reduced other debts

Built up more equity in your property

Made home improvements that increased its value

All of these factors can improve your options and potentially give you access to more competitive products.

Even if your circumstances have not changed significantly, lender criteria evolves regularly, and new opportunities may now be available.

You may want to raise funds for future plans

Reviewing your mortgage early also allows you to consider whether raising additional funds could help support your goals.

This could include:

Home improvements such as extensions, kitchens or renovations

Consolidating existing debts to simplify monthly outgoings

Helping family members onto the property ladder

Planning ahead for future life changes.

Exploring these options early gives you flexibility and allows you to make informed decisions.

Waiting until the last minute can limit your choices

Leaving your mortgage review too late can reduce your options and increase pressure to make quick decisions.

By reviewing early, you give yourself time to explore the market properly and secure the most suitable solution for your circumstances. Even if the best decision is to wait, you will have clarity and a plan in place.

A simple review can provide peace of mind

At Prospect Tree Mortgages, we help clients review their mortgage well before their current deal ends. In many cases, clients are reassured simply by understanding their position and knowing what to expect.

If your fixed rate is ending within the next 6 to 12 months, or even if you just want to understand your options, a review can help you plan ahead with confidence.

Your home may be repossessed if you do not keep up repayments on your mortgage. The information contained within was correct at time of publication but is subject to change (published 25 February 2026).