Over the past couple of years, many homeowners have taken a wait and see approach, hoping interest rates might fall before making a move. But in 2026, that mindset has shifted, following the outbreak of war in Iran.

With the Bank of England base rate unchanged at the end of April 2026, borrowers are beginning to accept that today’s rates may be the “new normal” for a while. More homeowners are choosing to act rather than delay, but the challenge is knowing which approach is right for you.

Waiting could mean securing a better deal if rates fall, but there’s no guarantee that will happen, and in the meantime, you could end up paying more on a variable rate. Acting now provides certainty, allowing you to budget with confidence and protect against potential future increases.

This decision becomes especially important if your fixed rate is ending soon. Moving onto your lender’s standard variable rate (SVR) can be significantly more expensive, especially if you’re coming off a 5 year fixed, so having a plan in place is key.

There’s also growing flexibility in the market. Some lenders now offer shorter-term fixes or products with lower early repayment charges, giving you the option to secure a rate now while retaining the ability to switch later.

Ultimately, the decision depends on your financial position, risk tolerance, and future plans. What’s clear is that doing nothing is often the most expensive option.

Reviewing your mortgage early gives you more choices and more control over your monthly costs. If you’re unsure whether to wait or act, get in touch to make a confident, informed decision.

If you’d like to discuss the options available to you, contact your adviser.