Get aheadBorrowing & credit
Mortgage deal ending soon? How locking in a rate before the 5 November Bank Rate decision works
Some forecasters expect Bank Rate to rise from 3.75%. If your fix ends within six months, many lenders let you secure a new rate now and still switch to a better one before it starts.
Published 28 October 2026Last checked 28 October 2026UK-wideFrom Bank of England
Illustration generated with AI
What's happening
The Bank of England sets Bank Rate next on Thursday 5 November. It is 3.75% now, and some forecasters expect rises over the coming months. If your fixed-rate mortgage ends in the next six months, many lenders let you lock in a new deal now and still switch to a better one if rates fall before it starts.
The question: Should I lock in a new mortgage rate before the Bank of England's 5 November decision if my deal ends soon, and what are the trade-offs?
The move
If your mortgage deal ends within about six months, compare and lock in a new deal now, then keep checking until it starts.
Why now
Bank Rate is 3.75% after being held six times in a row. At the last decision on 17 September, three of the nine committee members voted to raise it, as reported by MoneySavingExpert. Some forecasters expect the first rise could come at the next decision on 5 November.
If it doesn't happen
If Bank Rate stays put or falls, rates could hold or ease. A locked deal could then be beaten, though Charter lenders let you ask for a better like-for-like deal before your new term starts.
Suits
- Homeowners up to date with payments whose deal ends within six months
- People who value knowing their payment in advance
Doesn't suit
- People with a deal running for a year or more
- Buy-to-let borrowers
- Anyone needing to borrow more, who will face a full application
Forecast. Nicholas Mendes of broker John Charcol said in October that the Bank expects inflation to rise above 4% early next year, which is why markets have priced in rate rises. Sarah Coles of AJ Bell said in September the market expected the first rise in November, while warning the market has often been wrong. Both quoted by MoneySavingExpert. Today's Budget could shift expectations.
This applies to you if…
- Your current mortgage deal ends in the next six months or so
- You are up to date with payments
- You're not planning to borrow more or change your term
- Your lender signed the Mortgage Charter, or offers early rate locks anyway
Not for you if…
- Buy-to-let landlords (the Mortgage Charter doesn't cover buy-to-let)
- People with years left on a fixed deal, who would usually face early repayment charges to leave
- People already struggling with payments, who should speak to their lender and free debt advice first
What it's worth
Standard repayment formula, illustrative rates only
Tax year Lowest remortgage rates from MoneySavingExpert's mortgage best-buy tool, correct on 19 October 2026
£200,000 over 25 years, repayment
- At 4.99%: about £1,168 a month
- At a made-up 5.49%: about £1,227 a month
- Difference: about £59 a month, or about £700 a year
Roughly £1,400 over a two-year fix for every half a percentage point
Illustrative calc. Your lender's figures, fees and the rate you are offered will differ.
How to do it
- 1
Find your end date and any exit fees
Your mortgage statement or online account shows when your deal ends and whether early repayment charges apply before then.
Takes about 10 minutes
- 2
Ask your current lender for its switch deals
Staying with your lender (a product transfer) is often quicker. Ask how far ahead it lets you lock in a rate.
Takes about 30 minutes
- 3
A mortgage broker or comparison site can show other lenders' deals. Include arrangement fees, not just the rate.
Takes about 1 to 2 hours
- 4
Keep watching after you lock in
Under the Mortgage Charter, you can ask your lender for a better like-for-like deal right up until your new term starts, if one is available.
Deadline
Next Bank of England decision — 5 November 2026 (in 8 days)
Further decisions are due on 17 December 2026 and 4 February 2027.
The catches
Rates can fall too
If rates drop, a deal you locked in could be beaten. Under the Mortgage Charter you can ask for a better like-for-like deal before the new term starts, but this is with the same lender. Check the fees for walking away from a new lender's offer.
Arrangement fees
Some of the lowest rates come with large fees. Over a short fix, a slightly higher rate with no fee can cost less overall.
Early repayment charges
Leaving your current deal before it ends can be expensive. Time the new deal to start when the old one finishes.
Borrowing more changes things
The Charter's switch without a new affordability check only applies if you're up to date and not borrowing more or changing your term or repayment type.
Illustrative example
Priya and Tom, fix ending in March
Their two-year fix on a £200,000 balance ends in March 2027. They are up to date with payments and their lender signed the Mortgage Charter.
- In October they ask their lender about switching and secure a new two-year fix to start in March
- If rates rise after 5 November, their locked rate is safe
- If rates fall before March, they ask the lender for a better like-for-like deal
They have a rate secured either way, with the chance to switch if a cheaper deal from their lender appears.
Illustrative only. Priya and Tom are a made-up example; lenders' own terms apply.
What this means for…
- Have a mortgage: If your deal ends in the next six months, you may be able to secure a rate now and still switch to a cheaper one before it starts.
Common misreadings
You might hear: Bank Rate goes up, so every mortgage goes up straight away.
Actually: Fixed-rate deals don't change until they end. Tracker and standard variable rate mortgages usually move after a Bank Rate change.
You might hear: I have to wait until my deal ends to find a new one.
Actually: Many lenders let you lock in a new deal up to six months ahead. Ask your lender how far ahead it allows.
You might hear: Switching means a full new affordability check.
Actually: Under the Mortgage Charter, people up to date with payments can switch to a new deal at the end of their fix without another affordability check, as long as they're not borrowing more or changing the term.
Where the UK nations differ
- UK-wide
- Bank Rate applies across the UK. Mortgage Charter signatories include lenders based in Scotland and Northern Ireland as well as England and Wales.
What you could do
have a fixed deal ending within six months
Ask your lender for its switch deals and how far ahead you can lock in a rate
By 2026-11-04
are worried about paying your mortgage
Contact your lender early and get free debt advice from MoneyHelper
lock in a new deal
Check rates again before your new term starts and ask for a better like-for-like deal if one appears
Timeline
5 November 2026
Bank of England interest rate decision
With the November Monetary Policy Report
17 December 2026
Bank of England interest rate decision
4 February 2027
Bank of England interest rate decision
The detail
The rules
- Bank Rate is 3.75%. It was held on 17 September 2026; MoneySavingExpert reports the vote was six to three, with three members wanting 4%.
- Mortgage Charter (agreed in 2023, still published on GOV.UK): customers approaching the end of a fixed rate can lock in a deal up to six months ahead. Rates must be finalised two weeks before the new term starts, and lenders decide how far ahead they offer.
- Lenders that signed the Charter made up about 90% of the mortgage market in 2023. It does not cover buy-to-let.
- Lowest remortgage fixes on 19 October 2026: 4.99% for two years and 5.06% for five years, at 60% loan to value (MoneySavingExpert best-buy tool).
- Fixed rates stay the same for the length of the deal. Trackers move with another rate, usually Bank Rate, and lenders' standard variable rates usually follow Bank Rate (MoneyHelper).
References
- Bank of England: Bank Rate: Current rate and next decision date
- Mortgage Charter: Lock-in window, like-for-like switching and affordability checks
Words explained
- Bank Rate
- The Bank of England's main interest rate, which affects what banks charge for loans and pay on savings.
- Product transfer
- Moving to a new deal with your current lender, rather than switching lender.
- Early repayment charge
- A fee for leaving or paying off a mortgage deal before it ends.
- Loan to value
- How big your mortgage is compared with your home's value. Lower usually means cheaper rates.
- Mortgage Charter
- A set of promises most big lenders signed in 2023 to help borrowers, agreed with the government and the FCA. It is still published on GOV.UK.
In short
If your mortgage deal ends in the next six months, you can usually lock in a new rate now. Some forecasters expect Bank Rate to rise from 3.75%, possibly from 5 November. Locking in protects you if they're right, and with many lenders you can still switch to a better deal before it starts.
Related dates
- 5 Nov Bank of England interest rate decisionDecision · in 8 days
- 17 Dec Bank of England interest rate decisionDecision · in 50 days
- 4 Feb Bank of England interest rate decisionDecision · in 99 days
- 18 Mar Bank of England interest rate decisionDecision · in 141 days
- 29 Apr Bank of England interest rate decisionDecision · in 183 days
Sources
- Bank Rate, Bank of England (2026-10-28)
- Upcoming MPC dates, Bank of England (2026-10-28)
- Mortgage Charter, HM Treasury (2026-10-28)
- Mortgage Charter (full text), HM Treasury (2026-10-28)
- How will interest rates affect my mortgage?, MoneyHelper (2026-10-28)
- Mortgage fixes under 5% disappearing, MoneySavingExpert (2026-10-22)
- Base rate held again at 3.75%, MoneySavingExpert (2026-09-17)
This is guidance, not regulated financial advice. Check figures against the linked official source before you act. Written with AI assistance and checked against primary sources. How Kitty works. For free, impartial help, try MoneyHelper or Citizens Advice.