The Autumn Budget lands tomorrow (28 October) and the Bank of England's next rate decision follows on 5 November. If your fixed rate ends in the next six months, this is a good week to get organised rather than wait for the headlines.
Where the market stands
The Bank of England base rate is 3.75%, held in September on a 6–3 vote, with three members voting for a rise to 4%. A Reuters poll published on 15 October found 54 of 63 economists expect a rise to 4% in November, although forecasts are moving quickly.
Fixed rates have already climbed. Moneyfacts put the average two-year fix at 5.96% and the average five-year fix at 5.99% on 15 October, up from 5.73% and 5.78% a month earlier. Lenders are repricing often, so a deal available today may not be there next week.
What the Budget may (and may not) change
Commentators expect more detail on the Your First Home scheme for first-time buyers, while reports suggest a change to stamp duty has been ruled out for this Budget. Nothing is confirmed until the Chancellor speaks, and Budget measures do not set mortgage rates directly. What matters more for most homeowners is how markets react, because that feeds into the funding costs lenders use to price fixed rates.
In other words, waiting to see what the Budget says is not a plan in itself. Having your options lined up means you can act quickly whichever way things move.
Why acting early can help
Many lenders let you secure a new deal three to six months before your current one ends. Moneyfacts has said borrowers nearing the end of a fix should plan early and speak to a broker. Securing an offer in advance can give you a fallback if rates rise, and in many cases you may still be able to switch if a better deal appears before completion (check the terms and any fees first).
Letting your deal lapse onto your lender's standard variable rate usually means paying more each month, so it is worth starting the conversation well before your end date.
Quick tips
- Find your end date: check your offer or latest statement for when your fixed rate and any early repayment charge end.
- Compare both routes: a product transfer with your current lender can be quick, but a remortgage to a new lender may suit you better, especially if you want to borrow more.
- Get your paperwork ready: recent payslips or accounts, bank statements and an up-to-date view of your monthly outgoings.
- Check your credit file: fix any errors now so they do not slow down an application.
- Review your cover: a remortgage is a good moment to check your life and income protection still matches your loan.
Our CeMAP-qualified advisers search the whole of the market and can compare a product transfer against a full remortgage for you. See how we help on our remortgage page, download our free remortgage guide, or read how we timed a switch around an early repayment charge in our Wandsworth remortgage case study.
Sources
- HomeOwners Alliance – Mortgage rate predictions (updated 23 October 2026): base rate, MPC vote and Reuters poll of 15 October
- The Intermediary – Average mortgage rate holds at 5.88%: Moneyfacts (16 October 2026)
- Credit Connect – Mortgage deals lasting just 13 days (Moneyfacts, October 2026)
- HomeOwners Alliance – Autumn Budget predictions 2026 (updated 22 October 2026)
- Mortgage Solutions – Industry Budget wish list (23 October 2026)
To talk it through, contact us or start your enquiry.
Important: This guide is general information, not personal advice. Rules, rates and lender criteria change; speak to an adviser about your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.