May 2026 Blog - Mortgage Broker Q&A!

May 2026 Blog - Mortgage Broker Q&A!

At the end of last month, we had the pleasure of sitting down with our recommended mortgage broker, Lucy, after reaching out to our social media community for their most pressing mortgage questions.

 In this month’s article, we’ll be diving into some of the most common queries and sharing an overview of Lucy’s answers to create a helpful, easy-to-reference guide for our readers.

Of course, it’s important to remember that these answers are general in nature and may not apply to every individual situation. Mortgage lending can vary greatly depending on personal circumstances, so for advice tailored specifically to you, we’d always recommend speaking directly with Lucy.

That said, we hope this overview provides valuable insight, clears up a few common misconceptions, and helps answer some of the mortgage questions you may have been wondering about!

Our fixed-rate mortgage ends in July, but we’re hoping to move soon. Should we go onto the standard variable rate or secure another fixed deal now?

If your current fixed-rate deal is ending, your mortgage will usually move onto the lender’s standard variable rate (SVR), which typically means your monthly payments will increase. The good news is, you do have options — and in most cases, there’s little reason to simply sit on the SVR.

You could secure a new fixed-rate deal either with your current lender or by switching to a new one. Depending on your circumstances, some lenders may also allow you to “port” your existing mortgage to a new property until your current deal officially ends.

Another option worth considering is a tracker mortgage, which follows the Bank of England base rate. Tracker products can offer more flexibility than fixed rates and many come without early repayment charges. That means when you’re ready to move, you can reassess the market and decide whether to fix at that stage or remain on a tracker.

For people planning a move in the near future, having that flexibility can be incredibly valuable.

Would you recommend a fixed-rate or tracker mortgage right now?

This is always very dependent on individual circumstances, but from a rate perspective, tracker mortgages are currently looking quite competitive — often sitting around 1% lower than fixed-rate products.

With no recent movement in the Bank of England base rate, trackers have become an appealing option for borrowers who are comfortable with a little more flexibility. The trade-off, however, is stability. A fixed-rate mortgage gives you certainty over your monthly payments, whereas a tracker can rise or fall depending on future base rate changes.

If you have some disposable income and can comfortably absorb potential payment fluctuations, a tracker mortgage could be worth exploring, particularly if you’d like the freedom to review your options again in a few months’ time.

If the Bank of England base rate hasn’t changed, why have fixed mortgage rates increased?

This is one of the biggest misconceptions around mortgages. While the Bank of England base rate does influence the market, it doesn’t directly determine fixed mortgage pricing.

Fixed rates are mainly driven by something called “swap rates” — essentially the cost for lenders to secure the money they then lend out to borrowers. If swap rates increase, lenders’ costs increase too, which means fixed mortgage rates also rise.

So when there’s uncertainty in the economy, swap rates often react quickly, causing lenders to reprice their products — even if the Bank of England base rate stays exactly the same.

There’s also been an element of “volume control” from lenders recently. Earlier this year, particularly in March, lenders experienced a huge surge in mortgage applications. One of the quickest ways for banks to manage demand is by increasing rates, making their products temporarily less competitive. Business then shifts to other lenders, who may eventually do the same once their own application levels rise.

The hope is that over the coming weeks and months, mortgage rates will begin to settle and become more reflective of the wider economic picture.

 We hope you found these questions and answers helpful! – Thankyou for reading.