Should You Fix Your Mortgage Now — Or Wait for Rates to Fall?

If you’re coming to the end of a fixed rate deal — or you’re buying a home and trying to decide when to act — you’re probably asking the same question as thousands of other borrowers right now: is now the right time to fix, or could better deals still be on the way?

It’s a fair question, and there isn’t a single right answer. Here’s what you need to know.

Where Mortgage Rates Stand in June 2026

The Bank of England base rate currently sits at 3.75%, and fixed mortgage pricing has gradually eased during the first half of the year. Many mainstream fixed rates are now available in the mid-4% range, though pricing continues to vary between lenders. Rates are still moving regularly and not always in the direction borrowers expect.

The Case for Fixing Your Mortgage Now

For many borrowers, fixing now provides one major advantage: certainty.

Knowing exactly what your monthly payments will be over the next two or five years makes budgeting far easier, particularly while household costs remain elevated. There’s also a practical reality to consider — perfectly timing the mortgage market is extremely difficult, and waiting for a slightly lower rate could mean missing a solid deal that’s available today.

Fixing now may also help you:

• Secure a deal before lenders reprice upwards
• Protect against unexpected changes in inflation
• Progress a purchase or remortgage without delay
• Avoid the uncertainty of a volatile market

Why Some Borrowers Are Waiting

At the same time, many borrowers believe rates could improve further later this year if inflation continues to ease and the Bank of England cuts rates again.

This has increased interest in shorter-term fixed rates, tracker mortgages, and more flexible products. For some borrowers, waiting may deliver lower monthly payments later in 2026.

However, delaying carries its own risks. Rates can rise unexpectedly, property competition may increase, and existing deals can expire before you’ve secured a new one. The market is improving — but it isn’t fully predictable.

Affordability Still Matters

One point often overlooked is that lower mortgage rates don’t automatically mean easier borrowing.

Lenders continue to assess every application in detail — looking at your income, credit history, existing financial commitments, and household expenditure. In some cases, they also apply stress testing to check you could still afford repayments if rates were to rise. This means the lowest available rate isn’t always the most suitable or accessible option for every borrower.

This is especially relevant if you’re self-employed, a contractor, have a variable income, or have any historic credit issues. In many cases, finding the right lender for your circumstances matters just as much as chasing the lowest rate.

Fixed vs Tracker Mortgages in 2026

Both fixed and tracker products are attracting interest again, depending on what matters most to you.

Fixed rate mortgages remain popular with borrowers who value payment stability and long-term budgeting confidence — particularly families, first-time buyers, and anyone on a tighter monthly budget.

Tracker mortgages move in line with the Bank of England base rate, which means your payments could fall further if rates continue to drop. They tend to appeal to borrowers who expect rates to reduce, want greater flexibility, and are comfortable with the possibility of payments fluctuating. The trade-off is that payments can also rise if market conditions change.

Questions to Ask Before Deciding

Before committing to a fixed rate or deciding to wait, it’s worth thinking about:

• How long you plan to stay in the property
• Whether your income or circumstances might change in the near future
• Whether you’re purchasing or remortgaging — the considerations can differ
• How comfortable you are with the possibility of payments going up or down
• How much a marginally lower rate would realistically save you each month

The right decision isn’t always about securing the absolute cheapest deal.

The Bottom Line

The mortgage market is in a much better position than it was during the volatility of recent years — but uncertainty hasn’t disappeared entirely.

Waiting could potentially lead to lower rates later in 2026. But it could also mean missing the right opportunity at the right time.

The best approach for most borrowers is to understand what’s available now, get a clear picture of what you can borrow, and keep your options open rather than trying to second-guess the market.

To find out what’s achievable based on your circumstances, get in touch with our team today. Email us at info@impactsf.co.uk or call 01403 272625 — we’re here to help.