One of the biggest questions facing buyers in 2026 is whether to lock a mortgage rate now or wait in the hope that rates fall further. With the market more stable than recent years, the decision is less about prediction and more about risk management.
This article explains what “locking a rate” really means, the risks of waiting, and how buyers can approach the decision sensibly in 2026.
Why Buyers Try to Time the Mortgage Market
Many buyers delay applications because they want to secure the lowest possible rate. While this sounds logical, mortgage timing is unpredictable, and small rate movements are often outweighed by changes in affordability or property prices.
What Locking a Mortgage Rate Actually Means
Locking a rate usually involves securing a mortgage offer that is valid for a set period. This provides payment certainty but may come with conditions such as early repayment charges or limited flexibility.
The Risks of Waiting
Waiting can backfire. Rates may not fall as expected, affordability rules may tighten, or competition for properties may increase.
- Mortgage rates may stay higher for longer
- Property prices or competition may increase
- Lender criteria can change without notice
- Affordability may worsen even if rates dip slightly
A Balanced Approach in 2026
Many buyers take a balanced approach by securing a rate while monitoring the market. In some cases, it is possible to switch to a better deal later if rates improve before completion.
Speak to NexGen Finance Before You Decide
If you are unsure whether to lock a mortgage rate now or wait, NexGen Finance can review your position and introduce you to an authorised mortgage adviser who can explain your options.