The average UK mortgage rate is 5.73% for a 2-year fixed and 5.78% for a 5-year fixed (Moneyfacts, 15 September 2026). The Bank of England Base Rate is 3.75%, held on 17 September 2026. Rates have risen since March 2026, when the average 2-year fix was about 0.9 percentage points lower.
| Mortgage type | Average rate | Source |
|---|---|---|
| 2-year fixed | 5.73% | Moneyfacts, 15 Sep 2026 |
| 5-year fixed | 5.78% | Moneyfacts, 15 Sep 2026 |
| 10-year fixed | 6.29% | Moneyfacts, 15 Sep 2026 |
| 2-year tracker | 4.53% | Moneyfacts, 15 Sep 2026 |
| Standard variable rate (SVR) | 7.13% | Moneyfacts, 15 Sep 2026 |
| Bank of England Base Rate | 3.75% | Bank of England, 17 Sep 2026 |
These are averages across all deposit sizes. With a 40% deposit you will usually pay less than this, and with a 5 to 10% deposit you will usually pay more. See What mortgage rate can I expect? below.
Sources: Moneyfacts figures via IFA Magazine, Bank of England September 2026 decision
UK mortgage rates chart
The chart below shows average UK mortgage rates each month, alongside the Bank of England Base Rate. Use the buttons to switch between the last year, 5 years, 10 years and the full history, and hover over the line to see the rate in any month.
Bank of England data · updated monthly
UK mortgage rates chart
Average quoted rates each month, latest figures for September 2026.
- 2-year fixed 5.13% ▲ 0.94 pts on a year ago
- 5-year fixed 4.98% ▲ 0.82 pts on a year ago
- Standard variable rate 6.58% ▼ 0.22 pts on a year ago
- Bank Rate 3.75% ▼ 0.25 pts on a year ago
UK mortgage rates by year, 1975–2026 (yearly averages)
| Year | 2-year fixed | 5-year fixed | Standard variable rate | Bank Rate |
|---|---|---|---|---|
| 2026 (Jan–Sep) | 4.67% | 4.56% | 6.59% | 3.75% |
| 2025 | 4.29% | 4.20% | 7.03% | 4.25% |
| 2024 | 4.81% | 4.40% | 7.85% | 5.11% |
| 2023 | 5.31% | 4.81% | 7.53% | 4.68% |
| 2022 | 3.51% | 3.38% | 4.71% | 1.46% |
| 2021 | 1.45% | 1.58% | 3.61% | 0.11% |
| 2020 | 1.58% | 1.80% | 3.79% | 0.23% |
| 2019 | 1.59% | 1.90% | 4.31% | 0.75% |
| 2018 | 1.69% | 2.02% | 4.26% | 0.60% |
| 2017 | 1.46% | 2.06% | 4.38% | 0.29% |
| 2016 | 1.72% | 2.50% | 4.44% | 0.40% |
| 2015 | 1.92% | 2.88% | 4.51% | 0.50% |
| 2014 | 2.40% | 3.52% | 4.45% | 0.50% |
| 2013 | 2.68% | 3.47% | 4.37% | 0.50% |
| 2012 | 3.54% | 4.13% | 4.22% | 0.50% |
| 2011 | 3.34% | 4.64% | 4.08% | 0.50% |
| 2010 | 3.76% | 5.21% | 3.96% | 0.50% |
| 2009 | 4.24% | 5.36% | 4.05% | 0.65% |
| 2008 | 5.88% | 5.88% | 6.90% | 4.68% |
| 2007 | 5.84% | 5.99% | 7.44% | 5.51% |
| 2006 | 4.95% | 5.25% | 6.51% | 4.64% |
| 2005 | 4.82% | 5.02% | 6.53% | 4.65% |
| 2004 | 5.19% | 5.60% | 6.15% | 4.38% |
| 2003 | 4.37% | 4.92% | 5.47% | 3.69% |
| 2002 | 4.96% | 5.49% | 5.66% | 4.00% |
| 2001 | 5.49% | 5.84% | 6.81% | 5.12% |
| 2000 | 6.36% | 6.79% | 7.55% | 5.97% |
| 1999 | 6.06% | 6.33% | 6.92% | 5.35% |
| 1998 | 7.01% | 6.86% | 8.62% | 7.23% |
| 1997 | 7.16% | 7.84% | 7.78% | 6.54% |
| 1996 | 6.91% | 8.04% | 7.19% | 5.89% |
| 1995 | 8.07% | 8.90% | 8.25% | 6.57% |
| 1994 | – | – | – | 5.34% |
| 1993 | – | – | – | 5.89% |
| 1992 | – | – | – | 9.43% |
| 1991 | – | – | – | 11.57% |
| 1990 | – | – | – | 14.65% |
| 1989 | – | – | – | 13.67% |
| 1988 | – | – | – | 9.94% |
| 1987 | – | – | – | 9.60% |
| 1986 | – | – | – | 10.77% |
| 1985 | – | – | – | 12.10% |
| 1984 | – | – | – | 9.66% |
| 1983 | – | – | – | 9.86% |
| 1982 | – | – | – | 11.96% |
| 1981 | – | – | – | 13.17% |
| 1980 | – | – | – | 16.31% |
| 1979 | – | – | – | 13.76% |
| 1978 | – | – | – | 9.12% |
| 1977 | – | – | – | 8.46% |
| 1976 | – | – | – | 11.73% |
| 1975 | – | – | – | 10.80% |
Source: Bank of England Database (IUMBV34, IUMBV42, IUMTLMV, IUMABEDR). Monthly averages of quoted rates; fixed rates are for 75% loan-to-value mortgages. Mortgage rate series start in 1995. For information only, not financial advice.
What rate can I expect
The rate you are offered depends mostly on your deposit. The bigger your deposit (the lower your loan-to-value, or LTV), the lower the rate. In September 2026, the gap between a 60% and a 95% mortgage is close to 1 percentage point.
| Loan-to-value (deposit) | 2-year fixed | 5-year fixed |
|---|---|---|
| 60% LTV (40% deposit) | 5.07% | 5.06% |
| 75% LTV (25% deposit) | 5.36% | 5.35% |
| 85% LTV (15% deposit) | 5.43% | 5.42% |
| 90% LTV (10% deposit) | 5.60% | 5.56% |
| 95% LTV (5% deposit) | 6.01% | 5.97% |
Source: Rightmove, data by Podium, 26 September 2026. Rightmove’s averages are lower than Moneyfacts’ because they are built from a different set of deals.
What is a good mortgage rate right now?
A good rate is one below the average for your LTV band. For example, a 2-year fix under 5.36% at 75% LTV beats the current average. Rates below 5% are currently only available to borrowers with large deposits, or on tracker deals that move with the Base Rate.
What else affects the rate you get?
- Deposit or equity: the single biggest factor, as the table shows.
- Product type: trackers currently start lower than fixes, but rise if the Base Rate rises.
- Fees: a deal with a £999 fee often has a lower rate than a fee-free one; compare the total cost.
- Credit history and income: a weaker credit record can mean a higher rate or a specialist lender.
- Property type: buy-to-let, flats above shops and non-standard construction usually cost more.
- Tenure: Freehold or leasehold, check how lease length affects your mortgage
How much is the average UK mortgage?
The average new UK mortgage is around £205,000 [check: confirm against the latest UK Finance Household Finance Review before publishing]. First-time buyers now spend 22.6% of gross income on mortgage payments, the highest share since 2008 (UK Finance, Q2 2026).
What does that cost per month?
At the current average 2-year fixed rate of 5.73%, on a 25-year repayment mortgage:
| Loan | Monthly payment at 5.73% | Interest-only at 5.73% | If you drop to the SVR (7.13%) |
|---|---|---|---|
| £150,000 | £942 | £716 | £1,073 |
| £200,000 | £1,256 | £955 | £1,430 |
| £250,000 | £1,570 | £1,194 | £1,788 |
| £300,000 | £1,884 | £1,433 | £2,145 |
| £400,000 | £2,512 | £1,910 | £2,860 |
Figures are our own calculations, rounded to the nearest pound, and exclude fees and insurance. Letting a fixed deal lapse onto the SVR adds roughly £200 a month on a £250,000 loan, which is why it pays to line up a remortgage 3 to 6 months before your deal ends.
Sources: UK Finance Q2 2026 affordability figure via Mortgage Solutions, UK Finance Household Finance Review
How have UK mortgage rates changed over time?
UK mortgage rates have ranged from above 15% in the late 1970s and 1990 to around 1% in 2021. Today’s rates of 5 to 6% are close to the long-run middle, but feel high after a decade of very cheap borrowing.
1970s to 1990s: double-digit rates
High inflation pushed mortgage rates into double figures through the late 1970s and 1980s. Bank Rate reached 17% in 1979, and mortgage rates peaked again around 1990 before the recession and the pound’s exit from the ERM in 1992
2000s: steady, then the financial crisis
Rates settled at around 5 to 7% in the early 2000s. After the 2008 financial crisis, Bank Rate was cut to 0.5% in March 2009 and stayed low for over a decade.
2009 to 2021: the era of cheap mortgages
Fixed rates fell steadily, and Bank Rate was cut to 0.1% in March 2020. 2021 saw the lowest mortgage rates on record, with some 2-year fixes below 1%.
2022 to 2023: the sharp rise
Inflation and the September 2022 mini-budget pushed average 2-year fixed rates above 6%, and they peaked again in summer 2023 as Bank Rate rose to 5.25%.
2024 to 2026: cuts, then a new rise
Bank Rate was cut in stages from August 2024 to 3.75%. Fixed rates followed it down, then rose again from spring 2026 as markets priced in higher inflation.
What is the Bank of England Base Rate and how does it affect mortgages?
The Base Rate (officially Bank Rate) is the interest rate the Bank of England pays on reserves held by banks. It is 3.75%, held on 17 September 2026 by a 6 to 3 vote, with three members voting to raise it to 4%. The next decision is on 5 November 2026.
How a Base Rate change reaches you depends on your mortgage:
- Tracker: your rate moves automatically, usually from the next monthly payment.
- Standard variable rate (SVR): lenders usually pass changes on, but they don’t have to.The Base Rate (officially Bank Rate) is the interest rate the Bank of England pays on reserves held by banks. It is 3.75%, held on 17 September 2026 by a 6 to 3 vote, with three members voting to raise it to 4%. The next decision is on 5 November 2026.
- Fixed rate: your payment doesn’t change until the deal ends. New fixed deals are priced on swap rates, which move on expectations of future Base Rate changes, so they often move first.
That is why fixed rates have risen in 2026 while the Base Rate has stayed at 3.75%: markets now expect the next move to be up, not down.
Source: Bank of England, September 2026 Monetary Policy Summary
What should you do if mortgage rates are rising?
- Check when your deal ends. Most lenders let you lock in a new rate up to 6 months before, and you can usually switch to a cheaper deal if rates fall in the meantime.
- Avoid the SVR. At 7.13% on average, it can add around £200 a month on a £250,000 loan compared with a new 2-year fix.
- Consider a longer fix if payment certainty matters more to you than flexibility.
- Speak to a broker to compare the whole market, including deals not available direct.
What should you do if mortgage rates are falling?
- Weigh a shorter fix or a tracker if you expect further falls, and check early repayment charges first.
- Don’t wait too long if your deal ends soon: a small fall in rates rarely outweighs weeks on the SVR.
What rising rates mean for landlords
Most buy-to-let mortgages are interest-only and must pass a rent coverage test, typically 125% to 145% of the interest at a stressed rate. When rates rise, landlords feel it twice: monthly costs go up, and the maximum loan a lender will offer on the same rent goes down.
If your fixed rate ends in the next year, now is a good time to check two things: what your property should rent for today, and whether that rent still covers a mortgage at current rates.
Frequently Asked Questions (FAQ)
In September 2026 the average 2-year fixed rate is 5.73% and the average 5-year fixed rate is 5.78%, according to Moneyfacts. The average standard variable rate is 7.13%.
Most borrowers taking a new fixed deal today pay between about 5% and 6%. Borrowers with a 40% deposit can get close to 5%, while 95% mortgages average around 6%.
Any rate below the average for your deposit size. At 75% LTV that means a 2-year fix below about 5.36%.
The Base Rate is 3.75%, held on 17 September 2026. The next decision is on 5 November 2026.
On a £200,000 repayment mortgage over 25 years at 5.73%, the monthly payment is about £1,256.
No. The 30-year fixed is the standard mortgage in the US. In the UK most borrowers fix for 2 or 5 years, and 10-year fixes are the longest widely available term.
Nobody can say for sure. In September 2026 three of the nine Bank of England policymakers voted to raise rates, and lenders have been increasing fixed rates, so near-term falls look less likely than they did earlier in the year.
Last Updated on October 8, 2026