56% of homeowners undecided on switching lenders when it's time to remortgage

by Aaron Strutt

Feb 07 2026

Remortgaging is one of the most important financial decisions many homeowners will make — yet recent research shows that a large proportion of borrowers haven’t reached a decision about their next mortgage move.

According to new research from Alexander Hall, 56% of homeowners whose fixed-rate mortgage is coming to an end within the next 12 months are still undecided about whether to stay with their existing lender or explore new options. Only 12% are actively planning to switch away from their bank or building society, while 32% intend to remain with their current lender. Most lenders let their existing customers secure a rate around four months before their rate ends, but remortgage offers from rival lenders are available for up to six months. 

This indecision is significant, especially in an environment where the choice of mortgage products has grown markedly over the last year. Data from Moneyfacts shows the total number of mortgages on the market rose above 7,500 by the start of this month (February), meaning borrowers have over 1,000 more deals to consider than a year ago. The number of remortgage products available has risen by 13.7% compared with the previous year, while options for home movers have increased by 13.5%. This expansion reflects stronger competition among lenders and a broader range of deals on the market — advantages that undecided homeowners may be overlooking.

Aaron Strutt, product director at Trinity Financial, says: "The key thing is to research the market and act to make sure you are getting a good remortgage deal, but if you dont have time to do this, then it is important to make sure you get a product transfer secured well in advance before your fixed rate is due to switch to your lenders expensive standard variable rate. It is also worth regularly checking whether better rates are available before your new remortgage rate is due to go live, so you can switch to a cheaper rate if one is available. Many borrowers do not know this is possible, but a good broker will do this automatically for you."

Why would you want to remortgage to another lender? 

One of the most compelling reasons to consider switching lenders when you remortgage is the opportunity to secure a better interest rate or a different type of rate, like an offset, longer-term fix or mortgage with no early repayment charges. There is intense competition in the mortgage market to attract the 1.8 million customers whose rates are set to expire in 2026, also, because UK Finance predicts a 10% rise in the number of borrowers remortgaging to new lenders. With two-year fixes starting from 3.60%, three-year fixes from 3.69% and five-year fixes from 3.8%, it makes sense to make sure you are getting the most competitively priced remortgage deal. This is even more important if you have a larger mortgage loan, plan to move in the near future, or need to raise additional funds. 

Homeowners considering a move cite a desire to reduce monthly payments and benefit from lower rates as their primary motivation. Even small differences in rate can have a meaningful impact on monthly costs and total interest paid over the term of your mortgage.

Why would you want to remortgage to another lender? 

A switch can also help you take advantage of changes in your personal circumstances or property value. For example, if your loan-to-value (LTV) ratio has improved — because you’ve paid down your mortgage or because house prices have risen — you may now qualify for products with more favourable pricing that simply aren’t offered by your existing lender. Boosting your borrowing power can also make it easier to release equity or borrow additional funds for home improvements or other financial goals.

Meanwhile, staying with your current lender might seem easier or faster — many homeowners cite avoiding another full affordability check or simply handling less paperwork as reasons to remain loyal. Concerns about potential rejection from a new lender due to income, credit score, or other personal circumstances also play a role.

Is convenience a good enough reason to stick with your lender?

While convenience is important, it shouldn’t come at the expense of savings and long-term financial well-being. By defaulting to the “easy” option, you could miss out on significantly better deals that are thriving in today’s competitive market. More lenders, a wider range of products, and greater competition mean there has never been a better time to shop around and see what deals you qualify for outside your current provider.

That’s where professional guidance becomes invaluable. A trusted mortgage adviser can analyse your mortgage position, assess the wider marketplace and recommend options that align with your financial goals — whether that’s lowering your monthly payments, fixing your rate for longer, or releasing equity for home improvements. 

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage