Lenders to contact 1.6 million mortgage borrowers: why speaking to your adviser matters more than ever

With mortgage rates shifting in response to global events, the Chancellor has asked the UK’s biggest lenders to step up support for borrowers. As part of this, lenders will soon be contacting 1.6 million customers whose fixed‑rate deals are ending this year to outline the help available.

While this is welcome news, it’s also important to remember one thing:

Your lender will only tell you about their own products.

Your adviser can tell you about a wide range of your options.

Here’s what you need to know and why speaking to your adviser early could make a significant difference.

What lenders have agreed to do

Following meetings between Chancellor Rachel Reeves and the UK’s six largest banks and building societies, lenders have committed to:

• Proactively reach out to customers whose fixed‑rate deals end this year

• Explain repayment options and signpost support ahead of any payment changes

This is helpful but it’s only part of the picture.

Why your adviser should be your first call

When your lender contacts you, they’ll only present the products they offer themselves. But in today’s fast‑moving market, that could mean missing out on better options elsewhere.

Here’s where your adviser adds real value:

1. We have access to a wide range of options not just one lender

Some lenders are increasing rates, restructuring products or withdrawing deals in response to the conflict in Iran and the resulting market volatility. Your adviser can compare your lender’s offer with alternative products across the wider market so you can make a fully informed choice.

2. We can help you avoid unnecessary rate shocks

With many borrowers facing higher repayments when their fixed rate ends, planning ahead is crucial. Lenders’ early contact helps but an adviser can ensure you explore all ways to reduce monthly costs or lock in a competitive deal.

3. We offer personalised guidance, not generic options

Lenders are contacting a huge number of people - around 1.6 million - which means the support they offer will be more general. Your adviser can look closely at your circumstances and help you make decisions tailored to your long‑term financial goals.

4. We stay up to date with fast‑changing market conditions

Rates have been rising quickly as global uncertainty continues, and advisers are monitoring changes daily. This means you’ll always receive the most current, relevant guidance - not just what your lender happens to be offering that day.

What to do next

If your fixed rate ends this year, or even early next year, the best thing you can do is get in touch with your adviser as soon as possible.

Your adviser can help you:

• Understand your lender’s offer

• Compare it with an extensive panel of lenders

• Decide whether to secure a new rate early

• Prepare for any payment changes with confidence

Even if your lender reaches out first, speak to your adviser before you make any decisions and find the right deal for you.

YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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