1.8 Million Mortgage Fixes End in 2026 — London Landlords Should Start Remortgage Checks Now

UK Finance expects about 1.8 million fixed-rate mortgage deals to expire in 2026. For landlords, that means one thing: leaving a remortgage until the final few weeks is an expensive gamble.

This is not a new regulatory deadline. It is a commercial risk. A loan that drifts onto a lender’s standard variable rate can damage cashflow immediately, and a rushed application can fail on affordability, incomplete paperwork or overlooked early repayment charges (ERCs). In most cases, the sensible window is three to six months before the fixed rate ends; for larger portfolios, up to 12 months is often better.

Why timing bites harder in London

London landlords are more exposed because loan sizes are typically larger. A small rate increase on a £500,000 balance has a very different monthly impact than the same increase on a £200,000 loan. That matters when lenders reassess interest cover against current rents, especially if the property has had a void, a recent rent reduction or rising service charges.

Start with a portfolio audit

Before comparing rates, build a schedule for every mortgaged property showing:

• product end date
• current rate
• outstanding balance
• monthly payment
• lender
• ERC period and end date
• overpayment allowance
• whether the property is held personally or through an SPV/limited company

If the property sits in a company, make sure accounts and confirmation statement dates are also to hand. That single schedule will show which cases need urgent attention and whether a straightforward product transfer is even possible.

Check affordability before the lender does

Affordability remains one of the main reasons remortgages stall. Buy-to-let lenders use different rental stress tests and supporting evidence requirements, so assumptions based on the last deal are unreliable.

Prepare the file early. That usually means having ready:

• 12 months of rent statements
• the current tenancy agreement
• evidence of any recent rent increase
• mortgage statements
• ID and proof of address
• SA302s/tax overviews or company accounts, where relevant
• notes explaining any voids or arrears

For HMOs, expect closer scrutiny of room income and licensing. For leasehold flats, rising service charges or major works can also affect the lender’s view of affordability.

ERCs and fees can wipe out the savings

The headline rate is only part of the decision. On a larger London loan, an ERC or arrangement fee can quickly erase the benefit of moving early. Check the mortgage offer and latest statement for:

• the ERC structure
• the exact date the charge ends
• arrangement, valuation and legal fees
• whether the mortgage is portable

Portability helps only if the borrower still meets underwriting at the time. It should never be treated as a guaranteed exit route.

Stress-test each property, not just the portfolio

A remortgage review should include a basic written cashflow stress test for each property. At minimum, model:

1. a higher interest rate
2. a one-month void
3. a rent reduction on reletting
4. a delayed or missed payment period

This is where weak assets reveal themselves. A property that looked fine on an older fixed rate may be far less resilient once refinancing costs, service charges or compliance costs are updated.

Watch for expiry clustering

Portfolio landlords should pay attention to concentration risk. If several mortgages mature in the same quarter, one difficult refinancing window can affect multiple properties at once. Staggering future maturities will not always produce the cheapest short-term rate, but it can reduce the risk of several loans landing in the market at the worst possible moment.

Protection deserves a review too

Remortgaging is also a sensible point to revisit life cover, critical illness cover and income protection, particularly where rental income supports household spending or a director has given a personal guarantee on company borrowing. It is not a legal requirement, but it is often the point at which underinsured borrowers realise how exposed they are.

Two deadlines that matter

• If your fixed rate ends within six months, speak to a specialist buy-to-let broker now.
• If any deal ends within 12 months, complete a portfolio audit and cashflow stress test before the end of the next month.

Rentals and Sales can help by assembling rent histories, tenancy dates and property-level compliance details that brokers and lenders often need to keep a London remortgage moving.

General information only: this is not regulated mortgage, tax or legal advice.