Major lenders reduce time window to lock in new mortgage deal - are you affected?

Mortgage customers now have less time to select a new mortgage rate when their current deal expires. We have all the details

person signing mortgage contract
(Image credit: Getty Images)

If you’re a Halifax, Lloyds or Barclays mortgage customer, you’ll need to take note of some new rules around transferring to a new rate with the lenders when your current deal expires.

Mortgage borrowers usually have up to six months to lock in a new mortgage rate when their current deal is coming to an end. Say you have a two-year fixed rate and it expires in March 2025. You could choose a new rate with the same lender now, and if mortgage rates fall between now and March, you can usually transfer to the lower rate with no penalty.

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.