Barclays has nearly doubled its rate switch window for existing customers from 90 days to 150 days.
Rate switch windows for mortgages typically range between three and four months, although some lenders have six-month windows in place.
Consumers are being encouraged to secure deals earlier as mortgage rates have been rising due to inflation, interest rate rises and other factors.
Recent figures from Moneyfacts found that the average two-year fixed rates now stands at 4.09 per cent, which is nearly double the average of 2.52 per cent in the same period last year.
Average five-year fixed rates have also climbed to 4.24 per cent, up from 2.75 per cent in August last year.
Rate switch window extensions?
More fixed rate deals are also coming to maturity over the next few months. According to Accord Mortgages, around £100bn worth of mortgages will mature by year’s end, with nearly one-third maturing in December.
Broker sources said that that it was possible that more lenders could follow suit and extend their rate switch windows.
Some added that making six-month rate switch window uniform across the board could reduce a potential remortgage backlog, benefit lenders as they could hold onto their back book and also be good for clients.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
