📰 Daily Express 26 October 2026 Budget 2026 Fixed Rates Remortgage

Mortgage Rates 'Could Move Within 48 Hours' of Wednesday's Budget — My Comment in the Daily Express

Darryl Dhoffer

Founder · The Mortgage Geezer · CeMAP CeRER · FCA No. 301173

📰 As Published in the Daily Express — 26 October 2026

"Mortgage rates 'could move within 48 hours of Wednesday' this week" — Darryl Dhoffer, founder of Milton Keynes-based The Mortgage Geezer, quoted alongside brokers from across the UK. Read the full article on Express.co.uk →

⚡ Quick Answer: Could the Budget Move Mortgage Rates?

Yes, in either direction. I told the Daily Express that if gilt yields spike after the Chancellor speaks on Wednesday 28 October, lenders often pull and reprice fixed products in as little as 24 to 48 hours. A credible, funded Budget could instead ease pricing. If your deal is ending soon, secure a rate now: an offer is a safety net and you can usually switch if things improve.

What I Told the Daily Express

Chancellor John Healey delivers his first Budget on Wednesday 28 October. The Express asked brokers from around the UK, through Newspage, how quickly the Budget could feed into mortgage pricing. My comment:

"Mortgage pricing hinges on swap rates, which track government bonds closely. If gilt yields spike after the Chancellor speaks, lenders often pull and reprice fixed products in as little as 24 to 48 hours."

"The bond market's biggest fear is an unhedged borrowing spree or watered-down debt rules. In contrast, credible deficit reduction alongside robust OBR backing would soothe traders and push yields down. Enquiries and rate-locks have jumped roughly 15% to 20% over the past fortnight as buyers hedge against post-announcement swings."

"My clear takeaway for borrowers: secure a rate right now. A mortgage offer acts as a safety net and if market conditions improve afterwards, you can easily switch."

Why Swap Rates Matter More Than the Headlines

Fixed mortgage rates are not set by the Bank of England base rate alone. Lenders price fixed deals off swap rates, which reflect where markets expect interest rates to go. Those expectations are influenced by government borrowing, because the government borrows by issuing bonds. If markets doubt the Budget adds up, bond yields can rise, swap rates tend to follow, and lenders can reprice quickly.

It works in the other direction too. Brokers quoted in the same article stressed that a credible, funded Budget could ease concerns and allow lenders to cut fixed rates. The honest answer is that nobody knows which way it will go until Wednesday.

What Brokers Across the UK Are Saying

The article brings together views from a number of brokers. The common thread is not to try to guess the market:

Rates can move quickly in either direction, so know when your current deal ends.
If a suitable deal is available now, consider securing it, and keep reviewing the market in case pricing improves.
Some brokers report busier rate-locking, while one reported new enquiries down around 15% year on year but more clients asking to reserve a rate before they start their property search.

What This Means in Practice

If your fixed rate ends in the next few months, you can usually arrange a new deal well ahead of time. Many lenders allow you to book a rate in advance, and some let you move to a lower rate before completion if one becomes available. The terms vary by lender, so ask before you commit. You cannot go back to a rate that has already been withdrawn.

What About Borrowers With Bad Credit?

Rate moves hit borrowers with adverse credit hard, because specialist lenders can reprice and change criteria quickly. If you have a CCJ, defaults, missed payments, an IVA or a DMP and your deal is ending, do not leave it late. A specialist broker can check which lenders suit your profile before you apply, so you avoid unnecessary credit searches.

See our guides to bad credit remortgage, mortgages with a CCJ and mortgages with defaults, or start with a free assessment.

Quick Questions

How quickly could the Budget change mortgage rates?

Lenders can withdraw and reprice fixed-rate products within hours to a couple of days if the Budget changes markets' expectations. Mortgage pricing follows swap rates, which track government bonds closely, so a sharp move in gilt yields can feed through quickly, in either direction.

Should I fix my mortgage before the Budget?

If your current deal is ending soon, brokers quoted in the Daily Express broadly advise exploring a rate now rather than gambling on the reaction. A mortgage offer can act as a safety net, and many lenders let you switch to a better product before completion if pricing improves. Check the terms for your lender and speak to an adviser.

Could mortgage rates fall after the Budget?

Yes. Brokers told Newspage the outcome could go either way. A credible, funded Budget could ease markets' concerns and allow lenders to reduce fixed rates, while unfunded spending could push funding costs up.

Does this affect people with bad credit?

Specialist lenders can reprice quickly, so borrowers with CCJs, defaults, missed payments or an IVA who are nearing the end of a deal should not leave it late. A specialist broker can check which lenders suit your credit profile before you apply.

Published 26 October 2026. This article reflects market conditions at the time and is not personal advice.

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The Mortgage Geezer is a trading style of Access Financial Services Limited, authorised and regulated by the Financial Conduct Authority — FCA No. 301173. Your home may be repossessed if you do not keep up repayments on your mortgage. This is not financial advice — speak to a qualified mortgage adviser before making any decisions.