Who this is for: Anyone weighing up whether to reserve a rate now or wait for mortgage pricing to change.
The Mortgage Charter commitment lets an eligible borrower of a participating lender request a better like-for-like deal with the same lender until the new deal starts, if one is available. The FCA reported that 381,364 mortgages were locked into a new deal up to six months ahead of maturity in the second quarter of 2026.
In practice, the lender's own process and the details of the mortgage matter. The commitment is not a guarantee that a cheaper deal will appear, and it does not automatically mean every different product or change of lender can be made without a fresh assessment.
Reserving early can set a known rate if no better like-for-like option becomes available before the new deal starts. It is worth checking the lender's terms and comparing the current-lender route with the options available elsewhere.
