February 2026 brings mortgage market adjustments that directly impact buyers planning moves throughout the year. Lender competition, product innovations, and shifting criteria all influence your financing options and purchasing strategies. Understanding these developments helps you position yourself advantageously in the spring property market.

Lender competition intensifies for spring

February sees lenders launching competitive products targeting spring buyers. Banks and building societies recognize that increased buyer activity during March through May creates opportunities to gain market share through attractive rates and flexible criteria.

This competition benefits buyers willing to shop around thoroughly. Rate differences between lenders for similar products can reach 0.3–0.5%, translating to substantial savings over mortgage terms. February represents optimal timing to compare products comprehensively before committing to specific lenders.

Product criteria evolving

Lenders continue refining their lending criteria based on economic conditions and competitive positioning. Some relax income multiples slightly for buyers with strong credit profiles and substantial deposits, whilst others adjust how they assess affordability for self-employed applicants or those with complex income structures.

February updates often include changes to how lenders treat bonus income, rental income from existing properties, or second jobs. If previous mortgage applications struggled with income verification, February's updated criteria might improve your borrowing capacity with different lenders.

Fixed rate product availability improves

February sees increased availability of longer-term fixed rate products. Ten-year fixes, whilst still commanding premiums over shorter terms, become more competitively priced as lenders balance security offerings against rate competitiveness.

For buyers prioritizing payment certainty through extended periods, these longer fixes provide protection against potential rate increases over the coming decade. Consider whether premium rates on longer fixes justify extended certainty based on your likely ownership duration.

First-time buyer focus continues

Lenders maintain strong focus on first-time buyer segments through February. Products accepting 5% deposits remain widely available, though smaller deposits mean higher rates and potentially stricter income verification.

Some lenders offer cashback incentives, free valuations, or reduced legal fees specifically for first-time buyers during spring campaigns. Shared ownership products also see enhanced availability, allowing purchase of property percentages with smaller deposits whilst renting remaining portions.

Timing considerations for rate locks

February rate environments inform decisions about when to lock mortgage rates. Rates secured now typically remain valid through property searches and purchases completing within three to six months, protecting you from potential increases.

For buyers with accepted offers, lock rates immediately unless there are strong reasons to anticipate imminent decreases. Rate certainty provides peace of mind throughout completion processes.

Remortgage considerations

Existing homeowners with fixed rates expiring during 2026 should begin exploring remortgage options in February. Many lenders allow rate reservations up to six months before current deals expire, protecting from potential increases whilst maintaining flexibility if better offers emerge.

Switching lenders often provides better rates than product transfers with existing lenders, though early repayment charges must be considered if your current fix hasn't fully expired.

Planning your mortgage strategy

Use February's developments to inform comprehensive mortgage strategies for your 2026 move. Obtain agreements in principle, understand your maximum borrowing capacity, and identify which lenders suit your circumstances best.

Consider consulting mortgage brokers who access whole-of-market products and understand which February updates benefit your specific situation most. Their expertise navigating complex lending landscapes proves valuable in competitive markets where nuanced criteria differences and promotional offerings exist.

Contact us to explore February's mortgage opportunities

February presents landlords with an opportunity to address essential administrative and practical tasks before the financial year concludes. Completing key activities now ensures properties remain compliant, tenancies run smoothly, and financial planning reflects current circumstances.

Tax year preparation

With the tax year ending on 5th April, February provides a final window to organise financial records and identify outstanding requirements. Landlords should ensure all rental income and allowable expenses have been properly documented for the current tax year. Missing receipts or incomplete records become increasingly difficult to reconstruct as time passes.

Self-assessment tax returns for the previous tax year require submission by 31st January, but landlords who missed this deadline should prioritise completion to minimise penalties. Late submission penalties increase over time, making prompt action financially prudent even after the deadline has passed.

Landlords should review their capital gains position if they’ve sold properties during the current tax year. Understanding potential tax liabilities before year end allows for appropriate financial planning and ensures funds are available when required. Those considering property sales might also evaluate whether completing before or after 5th April better suits their circumstances.

Maintenance planning

February weather often reveals property maintenance issues that require attention. Landlords should conduct property inspections where tenancy agreements permit, identifying problems that may have developed during winter months. Heating systems, guttering, external drainage, and roof condition all warrant particular attention following winter weather.

Scheduling maintenance work during February allows completion before spring when contractor availability typically reduces as demand increases. Properties requiring exterior work benefit from early booking, ensuring jobs complete during suitable weather whilst avoiding the premium pricing that often accompanies peak season demand.

Gas safety certificates require annual renewal, and landlords should verify that all properties have current certification with adequate time before expiry. Boiler servicing, where not already completed as part of gas safety compliance, should be scheduled to ensure heating systems remain reliable.

Tenancy renewals

Tenancies due for renewal in spring should be addressed during February. Landlords need to decide whether to offer renewals at current rent levels or implement increases in line with market conditions. This decision requires assessment of comparable properties, tenant payment history, property condition, and local market dynamics.

Providing tenants with adequate notice of renewal terms allows time for discussion and negotiation if required. Early communication often results in smoother renewal processes compared to last-minute arrangements. Landlords should also verify that all tenant contact details remain current and that communication preferences are documented.

Properties where tenants have indicated they won’t be renewing require marketing preparation. February represents an appropriate time to plan any necessary refurbishment or improvement work, schedule professional photography, and prepare marketing materials for spring listings.

Pre-Budget considerations

The Spring Budget typically occurs in March, making February an appropriate time to review how potential policy changes might affect lettings portfolios. Whilst specific Budget measures remain unknown until announcement, landlords can evaluate their current position regarding mortgage arrangements, energy efficiency standards, and property portfolio structure.

Understanding how properties currently perform against evolving regulatory expectations helps identify whether proactive improvements might be warranted regardless of Budget content. Properties with lower energy performance ratings, for example, may benefit from efficiency improvements that future regulations could eventually require.

Landlords should also consider their medium-term strategy for individual properties and overall portfolio direction. Budget announcements sometimes prompt reassessment of investment plans, and entering Budget season with a clear understanding of current portfolio performance supports informed decision-making if policy changes are announced.

Documentation review

February provides a suitable opportunity to verify that all property documentation remains current and accessible. This includes electrical safety certificates, energy performance certificates, gas safety records, deposit protection confirmation, and how-to-rent guides. Ensuring compliance documentation is complete and readily available prevents issues if queries arise.

Landlords should also review insurance policies, confirming that cover remains appropriate and that property details accurately reflect current circumstances. Changes to property use, renovations, or tenancy arrangements may necessitate policy updates to maintain adequate protection.

Looking ahead

Completing February checklist tasks positions landlords effectively for the new tax year whilst ensuring properties and tenancies receive appropriate attention during this transitional period. Early action on administrative and maintenance requirements typically proves more manageable than addressing multiple issues simultaneously as deadlines approach.

Review your portfolio against this checklist

February presents landlords with an opportunity to address essential administrative and practical tasks before the financial year concludes. Completing key activities now ensures properties remain compliant, tenancies run smoothly, and financial planning reflects current circumstances.

Tax year preparation

With the tax year ending on 5th April, February provides a final window to organise financial records and identify outstanding requirements. Landlords should ensure all rental income and allowable expenses have been properly documented for the current tax year. Missing receipts or incomplete records become increasingly difficult to reconstruct as time passes.

Self-assessment tax returns for the previous tax year require submission by 31st January, but landlords who missed this deadline should prioritise completion to minimise penalties. Late submission penalties increase over time, making prompt action financially prudent even after the deadline has passed.

Landlords should review their capital gains position if they’ve sold properties during the current tax year. Understanding potential tax liabilities before year end allows for appropriate financial planning and ensures funds are available when required. Those considering property sales might also evaluate whether completing before or after 5th April better suits their circumstances.

Maintenance planning

February weather often reveals property maintenance issues that require attention. Landlords should conduct property inspections where tenancy agreements permit, identifying problems that may have developed during winter months. Heating systems, guttering, external drainage, and roof condition all warrant particular attention following winter weather.

Scheduling maintenance work during February allows completion before spring when contractor availability typically reduces as demand increases. Properties requiring exterior work benefit from early booking, ensuring jobs complete during suitable weather whilst avoiding the premium pricing that often accompanies peak season demand.

Gas safety certificates require annual renewal, and landlords should verify that all properties have current certification with adequate time before expiry. Boiler servicing, where not already completed as part of gas safety compliance, should be scheduled to ensure heating systems remain reliable.

Tenancy renewals

Tenancies due for renewal in spring should be addressed during February. Landlords need to decide whether to offer renewals at current rent levels or implement increases in line with market conditions. This decision requires assessment of comparable properties, tenant payment history, property condition, and local market dynamics.

Providing tenants with adequate notice of renewal terms allows time for discussion and negotiation if required. Early communication often results in smoother renewal processes compared to last-minute arrangements. Landlords should also verify that all tenant contact details remain current and that communication preferences are documented.

Properties where tenants have indicated they won’t be renewing require marketing preparation. February represents an appropriate time to plan any necessary refurbishment or improvement work, schedule professional photography, and prepare marketing materials for spring listings.

Pre-Budget considerations

The Spring Budget typically occurs in March, making February an appropriate time to review how potential policy changes might affect lettings portfolios. Whilst specific Budget measures remain unknown until announcement, landlords can evaluate their current position regarding mortgage arrangements, energy efficiency standards, and property portfolio structure.

Understanding how properties currently perform against evolving regulatory expectations helps identify whether proactive improvements might be warranted regardless of Budget content. Properties with lower energy performance ratings, for example, may benefit from efficiency improvements that future regulations could eventually require.

Landlords should also consider their medium-term strategy for individual properties and overall portfolio direction. Budget announcements sometimes prompt reassessment of investment plans, and entering Budget season with a clear understanding of current portfolio performance supports informed decision-making if policy changes are announced.

Documentation review

February provides a suitable opportunity to verify that all property documentation remains current and accessible. This includes electrical safety certificates, energy performance certificates, gas safety records, deposit protection confirmation, and how-to-rent guides. Ensuring compliance documentation is complete and readily available prevents issues if queries arise.

Landlords should also review insurance policies, confirming that cover remains appropriate and that property details accurately reflect current circumstances. Changes to property use, renovations, or tenancy arrangements may necessitate policy updates to maintain adequate protection.

Looking ahead

Completing February checklist tasks positions landlords effectively for the new tax year whilst ensuring properties and tenancies receive appropriate attention during this transitional period. Early action on administrative and maintenance requirements typically proves more manageable than addressing multiple issues simultaneously as deadlines approach.

Review your portfolio against this checklist

The excitement of viewing properties often tempts first-time buyers to start house hunting before completing essential preparation. However, viewing homes without proper groundwork wastes time on unsuitable properties, weakens your negotiating position, and risks losing homes to better-prepared buyers.

Completing these five steps before booking viewings transforms you from a hopeful browser into a serious buyer that sellers and agents take seriously.

One: Obtain an agreement in principle

An agreement in principle from a mortgage lender confirms how much you can borrow and shows sellers that you are financially prepared. It reassures agents and vendors that you can proceed, rather than simply exploring options.

You can apply through a mortgage broker or directly with lenders by providing proof of income, identification, and basic financial details. This usually takes only a few days and results in a certificate valid for several months.

Knowing your borrowing limit prevents wasted viewings on properties outside your reach and avoids disappointment later in the process. Remember, the maximum amount offered isn’t always what you should borrow. Consider affordability, lifestyle flexibility, and future plans.

Two: Clarify your deposit position completely

Understand exactly how much deposit you have available, including savings, Lifetime ISA balances with government bonuses, and any family contributions. This directly affects what you can afford and which mortgage products are available to you.

If family members are helping, confirm whether funds are gifts or loans and when they’ll be available. Lenders require formal documentation for gifted deposits, so clarity upfront avoids delays later.

Also factor in additional costs such as legal fees, surveys, stamp duty if applicable, removals, and immediate expenses after purchase.

Three: Gather required documentation

Mortgage applications involve significant paperwork. Collecting documents in advance allows you to move quickly once you find the right property.

Typically required documents include recent bank statements, payslips or tax returns for self-employed buyers, proof of identification, proof of address, and your National Insurance number. Self-employed applicants may need additional evidence of income stability.

Check your credit reports with all major agencies and resolve any errors early. Issues discovered during applications can delay progress or affect lending decisions.

Four: Research areas thoroughly

Understanding where you want to live saves time and helps you recognise good value. Visit shortlisted areas at different times of day, including commuting hours, to assess travel times, parking, amenities, and overall atmosphere.

Research local property prices and understand typical values for different property types. This knowledge strengthens your confidence when viewing and making offers, helping you avoid overpaying.

Five: Understand Budget and policy context

The March 2026 Budget may include measures affecting first-time buyers. Understanding existing schemes such as Lifetime ISAs, shared ownership, and local authority initiatives allows you to respond quickly to any changes.

Stay informed, but don’t delay house hunting while waiting for announcements that may not materialise. Balance awareness of future policy changes with realistic opportunities available now.

Bringing it all together

Completing these steps takes time, but the payoff is significant. Prepared buyers are prioritised by agents and sellers and are far more likely to secure the properties they want.

When the right home appears, preparation allows you to act confidently and decisively, rather than losing out while organising finances.

Contact us for guidance on completing these essential steps effectively