Early demand, pricing swings and missed deals signal a more complex refinancing wave
Brokers are already seeing remortgage pressure build months ahead of schedule, as borrowers move early to avoid being caught out by further rate changes.
“I am already seeing people whose fixed rates do not end until September and October reaching out now, which tells you everything about the mood in the market,” said Nouran Moustafa, executive financial and mortgage adviser at Roxton Wealth. “People are nervous, and rightly so. They can see how quickly pricing is moving and they do not want to be left exposed.”
With UK Finance forecasting 1.8 million fixed-rate mortgages to expire in 2026, brokers are bracing for a surge in activity. But rather than a steady pipeline, many say this cycle is already behaving differently. “This is not just a normal pipeline building quietly in the background,” Moustafa added. “This is a market where people can feel the pressure early, and that pressure is pulling demand forward.”
Rather than moving in one direction, borrowers are reacting in conflicting ways as pricing continues to shift.
“Some clients are holding off in the hope rates improve, while others are moving quickly to secure deals when they can,” said Kevin Gibson, operations director at Ascot Bridging Finance, adding that “the lack of consistency is making decision-making more difficult.”
That uncertainty is feeding a more emotional response from borrowers. “I am seeing panic, hesitation, confusion and disappointment all at once,” Moustafa said, noting that “rates keep moving so quickly that by the time they have emotionally caught up, the market has already changed again.”
Missed deals
As lenders continue to reprice rapidly, brokers warn that hesitation is increasingly coming at a cost, with products being withdrawn or repriced mid-process.
“We are also seeing some delays and missed opportunities, with products being withdrawn or repriced mid-process, forcing borrowers to rethink at short notice,” Gibson said.
“A high number of lenders have pulled and increased rates two or three times in the last couple of weeks, which is very difficult to keep up with market changes for borrowers and brokers alike,” said Guy Nyirenda, head of commercial and specialist lending at Altura Mortgage Finance, adding that “we have seen deals missed due to high demand with lender systems not being able to keep up.”
In response, brokers are becoming more proactive, placing greater emphasis on securing options early. “With the pricing swings currently being seen, clients and advisers are much aligned on the need to prioritise locking in rates and reviewing the market regularly,” said Craig Head, director at Mortgage Required.
Nyirenda said this shift is already feeding through into borrower behaviour, in some cases far earlier than expected. “I am seeing a large number of existing clients already getting in contact to see if they can lock in rates now, even in one extreme case where the current mortgage rate does not expire until middle of 2027!”
While activity is expected to rise sharply, brokers suggest this will not be a straightforward surge. “While volumes will rise, the current environment is likely to create a more gradual and cautious surge rather than a sharp spike,” Gibson said.
“For a lot of borrowers, this will not just be a rate change, it will be a mindset shock,” Moustafa added, as borrowers come off older fixed deals into a more volatile and expensive market where timing and advice are becoming increasingly critical, and the margin for error is narrowing.
