Mortgage rates rose after I agreed my move. Should I still go?
Published 30 September 2026 · 7 min read · By Evren Ergin
A rate rise halfway through a move feels alarming, but for most people selling and buying at once it changes the cost of the extra borrowing, not the whole move. Work out what the rise costs you each month, check whether your rate is already protected by a mortgage offer, and decide on the numbers rather than the headlines.
TL;DR
- •If your lender has already issued a formal mortgage offer, the rate inside it normally stays fixed for as long as the offer is valid, which is often six months.
- •Many movers only take on extra borrowing for the difference in price, and on £100,000 of new borrowing a rise from 4.5% to 5.2% adds about £40 a month over 25 years.
- •A slower market cuts both ways: the home you are buying faces the same buyer shortage as yours, which can give you room to renegotiate.
- •Pulling out before exchange is legal but usually costly, so talk to your broker and solicitor before you decide anything.
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Is it normal to have second thoughts when rates rise mid-move?
Completely normal, and this autumn a lot of movers are having the same conversation. Several big lenders raised rates in late September, and by 30 September Property Industry Eye reported that their cheapest two-year and five-year fixes had moved to around 5%, against deals near 3.5% early in the year.
Bank Rate itself has not moved: it was held at 3.75% on 17 September, although three of the nine committee members voted for 4%. Lenders have priced in the risk of a rise ahead of any decision.
Is my mortgage rate already locked in?
A mortgage offer is the formal document in which a lender commits to lend a set amount at a set rate. Once it is issued, a lender changing the price of its new deals does not change your offer. MoneyHelper says most high street offers last six months.
Where you are in your mortgage, and what a rate rise means
| Your position | Is your rate protected? | What to do this week |
|---|---|---|
| Formal offer issued | Yes, for the life of the offer | Note the expiry date and check it beats a realistic completion date. |
| Full application submitted | Usually, if the product was chosen before it was withdrawn | Ask your broker to confirm in writing that your rate is held. |
| Mortgage in principle only | No | Ask your broker to rerun the numbers at today's rates before you commit further. |
| Porting your existing deal | Your current rate moves with you; any extra borrowing is priced today | Ask your lender for the rate on the additional amount. |
How much does the rise actually cost me?
For many movers the new rate applies to the whole new mortgage, but the decision to move only changes the difference between staying and going. If you would be remortgaging at today's rates anyway, the true cost of the move is mainly the extra borrowing.
Monthly repayment over 25 years on additional borrowing (ValuQ calculation, 30 September 2026)
| Extra borrowing | At 4.5% | At 5.0% | At 5.2% | Extra a month, 4.5% to 5.2% |
|---|---|---|---|---|
| £50,000 | £278 | £292 | £298 | About £20 |
| £100,000 | £556 | £585 | £596 | About £40 |
| £204,750 (75% of a £273,000 home) | £1,138 | £1,197 | £1,221 | About £83 |
The figures are repayment mortgages before fees. Your broker can give you the exact numbers for your own deal, including any arrangement fee: some of the lowest rates listed on 30 September carried fees of £1,495 to £1,995.
Does a slower market help me as a buyer?
It can. Mortgage approvals fell to 54,900 in August, the lowest since December 2023, and Rightmove counts the most homes for sale in 12 years. The seller of the home you are buying faces the same shortage of buyers you do.
- Zoopla's September index, reported on 30 September, puts annual price growth at just 0.8%.
- Agreed sales are running 9% below last year on both Rightmove and Zoopla figures.
- A polite, evidence-based request to reflect higher borrowing costs is a normal conversation in this market, as long as you make it once and clearly.
How do I decide whether to go ahead?
1. Find out exactly where your mortgage stands
Ask your broker whether you hold a formal offer, a submitted application or only a mortgage in principle, and whether your rate is held.
2. Work out the monthly difference
Compare your monthly cost if you move with your monthly cost if you stay and remortgage at today's rates, so you see the real price of the move.
3. Check your budget against a higher rate
Make sure the new payment still works if rates stay near 5% for the length of your fix, rather than assuming they will fall.
4. Revisit the price of your purchase if the numbers are tight
Ask your agent to put a clear, evidenced case to the seller rather than dropping hints, and be ready for a no.
5. Talk to your solicitor before you pull out
Until contracts are exchanged you can withdraw, but you will usually lose the money already spent on surveys, searches and legal work, and your own buyer's chain may collapse.
What is normal, and what is a red flag?
| Normal in a repricing month | Worth pausing on |
|---|---|
| Your broker switches you to a similar product a little dearer | The new payment no longer fits your budget at all |
| Your buyer asks how the rate news affects the timetable | Your buyer's own mortgage is still only at the in-principle stage weeks after agreeing |
| The seller you are buying from will not reduce the price | Your offer expires before any realistic completion date |
A rate rise changes the cost of the move. It does not have to change the reason you were moving.
How do I protect my own sale while I decide?
Read your buyer's commitment by what they have spent and instructed, not by what they say. A buyer with a solicitor instructed, searches ordered and a formal offer in hand is committed; a buyer holding only a mortgage in principle may be recalculating too. Keep your own big spends in step with theirs.
The decision to sell, and when, stays yours. ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents, so if you pause or relaunch, you do it knowing what today's buyers will pay.
Questions movers ask when rates change
Can my lender change the rate on my mortgage offer?
Not because it has repriced its new deals. A formal offer can be withdrawn for reasons written into it, such as a change in your circumstances or information that was wrong, but the rate stays as offered while it is valid.
Should I wait for rates to come down before moving?
No one can tell you when rates will fall. The Bank of England warned on 17 September that inflation risks had grown. Decide on today's numbers, and if you fix, choose a term you are comfortable with.
What happens if my mortgage offer expires before completion?
You would usually need to apply for an extension or a new offer, which may come at the current rate. Tell your solicitor the expiry date now so the timetable is planned around it.
Can I ask the seller for money off because rates went up?
You can ask. Put the reason and the numbers clearly, make one request, and accept that the seller may say no, especially if your own sale price has not changed.
Sources
- [1]Property Industry Eye, Sub-5% mortgage deals vanish as major lenders raise rates · 2026-09-30 · https://propertyindustryeye.com/sub-5-mortgage-deals-vanish-as-major-lenders-raise-rates/
- [2]Bank of England, Monetary Policy Summary September 2026 · 2026-09-17 · https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/september-2026
- [3]Bank of England, Money and Credit August 2026 · 2026-09-29 · https://www.bankofengland.co.uk/statistics/money-and-credit/2026/august-2026
- [4]Property Industry Eye, House price growth stalls as flat prices fall for 15th month in a row (Zoopla HPI) · 2026-09-30 · https://propertyindustryeye.com/house-price-growth-stalls-as-flat-prices-fall-for-15th-month-in-a-row/
- [5]The Intermediary, Asking prices up 0.7% in September (Rightmove HPI) · 2026-09-21 · https://theintermediary.co.uk/2026/09/asking-prices-up-0-7-in-september-rightmove/
- [6]MoneyHelper, How long do mortgage offers last? · 2026-01-01 · https://www.moneyhelper.org.uk/en/blog/buy-or-rent-a-home/how-long-do-mortgage-offers-last
- [7]SAM Conveyancing, Can a mortgage offer be withdrawn after exchange of contracts? · 2026-08-10 · https://www.samconveyancing.co.uk/news/mortgage/mortgage-offer-withdrawn-after-exchange
Terms in this article
Plain-English definitions from the ValuQ property glossary.
Agreement in principle (AIP)
An agreement in principle is a lender's conditional indication of how much it would lend you, based on basic details and a credit check.
Product fee
A product fee is the charge for taking a particular mortgage deal, often added to the loan rather than paid upfront.
Completion date
The completion date is the contractual day the sale must complete, fixed at exchange and binding on both sides.
Mortgage offer
A mortgage offer is the lender's formal, binding commitment to lend, issued after full underwriting and valuation.
Base rate
The base rate is the interest rate the Bank of England sets, which flows through to mortgage pricing across the market.
Porting
Porting is taking your existing mortgage deal with you to a new property when you move, avoiding early repayment charges.
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