Published 8 August 2024 · Last reviewed 1 May 2026

1.5 Million Mortgage Customers Have a Mortgage Renewal Coming up: Read on if you want to save money

Mortgage Renewal is a hot topic in the UK. With over 1.5 million customers approaching the end of their fixed-rate mortgage deals, many are considering their next move. Mortgage interest rates have been high but showing signs of thawing, with the Bank of England making its first cut since March 2020. This makes this an ideal time to seek professional mortgage advice.

In this article, we’ll explore how working with an expert Mortgage Broker can help you save thousands of pounds by finding the best mortgage solution tailored to your needs.
* (source independent think tank Resolution Foundation).

What is Remortgaging?

Remortgaging involves switching your existing mortgage to another lender, i.e., shopping around, in order to secure a lower rate, fixed rate, or release equity. Given the recent drop by the Bank of England, remortgaging now could be the right strategic move when working out what to do with Mortgage Renewal products.

Why Rates Are Volatile and What It Means for You

Variable rates are open to market fluctuations, which make it hard to budget. Rightly, there has been a reluctance to lock in set payments at the expected peak, but as this has eased so, maybe now is the time to take advice. After all, many of the pressures and difficulties that started the rises remain, and as its proven markets are fickle, we will not necessarily need seismic events to see rates tick up again.

Benefits of Working with an Expert Mortgage Broker

• Access to a Wide Range of Lenders
  Niche Advice Mortgage Brokers have access to over 100 Mortgage Lenders. These relationships increase the likelihood of finding a deal that suits your financial situation better than the standard offerings from major banks.
• Tailored Advice
  Each borrower’s circumstance is unique. The expert Niche Advice Advisers will take the time to understand your individual needs and financial aims, providing bespoke advice on whether to fix in for a short period, take a longer-term deal, or consider tracker or variable rates.
• Potential Cost Savings
  Niche Advice will research the market to find the most competitive rates and terms, which may save you thousands of pounds over the life of your mortgage. They can also help you avoid costly fees associated with switching lenders.

Mortgage Renewal Options Fixed Rates vs Variable Rates

Fixed-Rate Mortgages

Pros:

• Set monthly payments
• Protection against rate increases

Cons:

• May have higher initial rates of variable rates
• Likely to have bigger fees for early repayment

Variable and Tracker Rates

Pros:

• Historically, lower initial rates, particularly in a low Base Rate economy
• Beneficial if interest rates fall

Cons:

• Payments can increase if rates rise
• Less predictability in budgeting

Case Study 1: Donna’s Short-Term Fix Success

Donna was thinking about her Mortgage Renewal as she was nearing the end of her fixed-rate mortgage. With interest rates predicted to fall, her professional Mortgage Broker advised a two-year fixed deal. He lined this up to start seamlessly after the previous rate had finished. This continuity provided security in set payments while leaving her free to assess the market and, in two years’ time, lock in again, hopefully at a lower level.

Case Study 2: Jason’s Tracker Triumph

Jason’s Mortgage Broker recommended a tracker mortgage linked to the Bank of England Base Rate. His payments decreased as rates fell, saving him substantial monthly amounts compared to a fixed-rate option.

Why Choose Niche Advice Mortgage Brokers for your Mortgage Renewal?

Niche Advice brokers are independent, with access to over 100 Mortgage Lenders and their products. Our commitment to understanding each client’s unique circumstances ensures we provide the most suitable and cost-effective mortgage solutions. Don’t just take our word for it; check out our glowing Google Reviews.

When it comes to Mortgage Renewal Options, Navigating the end of a fixed-rate mortgage period can be daunting, but with the right advice, it’s an opportunity to save money and secure a better deal. By working with professional Mortgage brokers like those at Niche Advice, you can make informed decisions that align with your financial aims.