Is now a good time to fix your mortgage? Brokers answer as 2026 starts with cuts to fixed rates

We asked four mortgage brokers for their views and have rounded up their answers below. If you need bespoke advice, speak with a broker.

What's been happening to fixed-rate mortgages?

For homebuyers, the lowest two-year and five-year fixed rates on the open market are currently 3.5% and 3.69% respectively, lower than at any point in 2025. This time last year, these rates were both around 4.2%.

Remortgage rates have also improved over the same period, with two and five-year fixes now starting from 3.61% and 3.74% respectively.

The Bank of England's base rate, which is used by the central bank to charge other banks and lenders when they borrow money, is currently at 3.75% following a cut of 0.25 percentage points in December 2025. The next decision on the base rate is due on 5 February.

Meanwhile, the number of available mortgage deals stands at over 7,000 – the highest level since October 2007, according to comparison service MoneyFacts.

David Hollingworth, L&C Mortgages: "As the outlook for interest rates improved and cuts by the Bank of England began to feed through, lenders grabbed the chance to cut their fixed rates, which are reliant on what markets expect to happen.

"There's still a high degree of competitive tension in the market and we have already seen some lenders making improvements in the early stages of the new year. However, these are often tweaks and slight improvements as it gets harder for lenders to cut their rates."

Will fixed deals continue to improve in the short term?

Nicholas Mendes, John Charcol: "Further falls are possible, but I would expect them to be gradual. A lot of the improvement has already come through wholesale funding and the easing in swap rates [which fixed-rate mortgage deals are indirectly linked to], plus stronger lender competition."

Aaron Strutt, Trinity Financial: "The best two-year and five-year fixes are already pretty cheap, but borrowers would love to see them edging closer to 3%. The issue is that fixed mortgage rates are already well priced and it really is wishful thinking to expect them to get significantly lower unless something unfortunate happens and the UK economy is hit."

How might changes to the base rate affect the deals on offer?

Aaron Strutt, Trinity Financial: "I expect the base rate to come down twice more to 3.25% by the end of 2026. This should lead to cheaper fixed rates and hopefully boost the economy."

Nicholas Mendes, John Charcol: "The most likely outcome is a small number of cuts rather than a rapid return to ultra-low rates. Inflation is still the swing factor. The important point for borrowers is that much of the expected base rate path is already reflected in fixed pricing."

Could global instability be a factor?

Stephen Alger, Mortgage Advice Bureau: "A more fractured world that works and trades less together is generally expected to reduce global (and therefore, likely, UK) growth. This could actually lead to reduced rates to stimulate growth.

"Though, at the same time, this isolated world with less international trade and cooperation, and higher trade tariffs, can lead to rising prices, rising inflation, and therefore higher interest rates (in order to try and curb inflation)."

David Hollingworth, L&C Mortgages: "Although the mortgage market feels like it's on a more even footing as rates have eased back after the big spike of recent years, there could be something unexpected round the corner. There are lots of global events that could change the outlook quickly and have an impact in financial markets. As recent years have shown, that can ripple through rapidly to affect the cost of mortgages if the rate outlook was to alter."

So is right now a good time to fix my mortgage?

David Hollingworth, L&C Mortgages: "As rates have improved, it's looking a far more palatable market for those still edging towards the end of their much lower five-year fixed rates. The lowest fixes are now as low as they have been since 2022, when rates were still on the climb and before the mini-Budget hit."

Stephen Alger, Mortgage Advice Bureau: "Certainly fixed rates are currently as good as they have been for a few years, so it's a good time to be taking a new mortgage or remortgaging right now. Rates may reduce further, but waiting for the perfect time – or knowing the perfect time where rates are at their lowest – is almost impossible, and unlikely to fit with your life plans anyway."

Aaron Strutt, Trinity Financial: "Homebuyers now have access to more mortgage options than at any point in almost two decades, according to new industry data. With the cheapest fixed rates starting from just over 3.5% and options for all types of borrowers – from the self-employed and first-time buyers to those with credit blips and those needing help from the bank of mum and dad – there has rarely been a better time to get a mortgage in recent years."

If I want to fix now, how long should I fix for?

Nicholas Mendes, John Charcol: "The right term depends on plans. If someone wants to protect affordability and expects to stay put, five-year fixes look more compelling than they have for a while. If someone expects a change, such as moving or taking on new borrowing, two-year fixes can still make sense. Either way, it is worth focusing on total cost, fees and early repayment charges, not just the headline rate."

Aaron Strutt, Trinity Financial: "There really isn't a huge difference between the price of two-year and five-year deals, but if borrowers want the lowest possible monthly repayments then they are probably going to opt for a two-year fix."

Stephen Alger, Mortgage Advice Bureau: "We now sit at a crossroads where rates have dropped significantly, but there is very little expectation they will return to the previous ultra-low levels, so a lot of people are happy to consider spreading the risk and hedging their bets with a three-year fixed rate.

"The three-year fixed rate gives customers a bit more security than the shorter two-year deals (that come round so quickly for review), but doesn't tie them in quite as long as a five-year fixe (in case rates do continue to move down)."

Is it worth considering a tracker instead of a fix?

David Hollingworth, L&C Mortgages: "The margin between fixes and trackers has narrowed as rates have fallen and the prospect of more base rate cuts would see tracker rates following fixed rates down. Trackers can also offer greater flexibility, as they are more widely available without any early repayment charges at any time.

"However, they are more likely to suit those with more slack in their monthly budget who can manage an increase in payments if rates do take a turn. A first-time buyer is still likely to prioritise the budgeting certainty that a fixed rate gives."

Nicholas Mendes, John Charcol: "Trackers can be worth it, but selectively. They suit borrowers who value flexibility, are comfortable with payments moving, and have a clear plan for when they would switch. But with fixed rates already pricing in a lot of the expected [base rate] cuts, a tracker is not automatically the cheapest route."

Stephen Alger, Mortgage Advice Bureau: "Tracker rates would not be right for people that want to know exactly what they are paying per month and those on a tight budget. But for those with disposable income who are happy to take a risk to get further reductions, tracker rates are certainly worth looking at right now, and comparing against fixed-rate options."