Facts at a Glance
UK Mortgage Rates: October 2026
- Bank Rate: 3.75%, held on 17 September
- Next Bank of England decision: 5 November 2026
- 2-year fixed rate at 75% LTV: 5.74% average
- 5-year fixed rate at 75% LTV: 5.81% average
- 2-year variable rate at 75% LTV: 4.40% average
- Standard Variable Rate: 7.24% average
Data checked: 14 October 2026
The mortgage rate figures above are based on the latest market data available on 14 October 2026. Rates can change often, so treat these figures as a snapshot of the market on that date. They are not necessarily the rate you would be offered.
Source: Uswitch mortgage-rate data, checked 14 October 2026.
What’s Happening to UK Mortgage Rates in October 2026?
Mortgage rates remain an important consideration for anyone buying a home, moving house or coming to the end of a fixed-rate deal.
Market data checked on 14 October 2026 shows an average 2-year fixed mortgage rate of 5.74% at 75% LTV, while the average 5-year fixed rate is 5.81% at 75% LTV, according to Uswitch’s market data. Its average 2-year variable rate at 75% LTV is 4.40%, while the average Standard Variable Rate is 7.24%.
These figures are useful for understanding the wider market, but they are not the same as a mortgage quote for an individual borrower.
One reason is loan-to-value (LTV). Someone borrowing 60% of a property’s value may have access to different rates from someone borrowing 95%. Moneyfacts data checked on 7 October 2026 shows average 2-year fixed rates ranging from 5.42% at 60% LTV to 6.37% at 95% LTV.
Different rate trackers can also show different averages because they may use different lenders, products, LTV bands and measurement dates. This means figures from different sources should not always be directly compared.
For borrowers, the headline figure is a useful starting point, but the rate available to you will depend on your own circumstances and the mortgage products you qualify for.
Why Aren’t Mortgage Rates the Same as Bank Rate?
The Bank Rate is the interest rate set by the Bank of England’s Monetary Policy Committee (MPC). It influences the cost of borrowing and the returns available on savings across the wider economy.
In September 2026, the Bank of England held the Bank Rate at 3.75%, following a 6–3 vote by the MPC. Three members voted for an increase to 4%. The next scheduled Bank Rate decision is 5 November 2026.
Bank Rate is important for the mortgage market, particularly for tracker mortgages, which are usually linked directly or indirectly to the Bank Rate. However, it does not determine the rate offered on every mortgage. Fixed mortgage rates are influenced by other factors, including swap rates, lender pricing and competition. This means mortgage rates can move even when Bank Rate stays unchanged.
In simple terms, Bank Rate is an important part of the picture, but it is not the same thing as the mortgage rate you may be offered.
Why Aren’t Mortgage Rates the Same as Bank Rates?
It can be tempting to look at the Bank Rate and assume mortgage rates will move by the same amount. In practice, the relationship is more complicated.
Fixed mortgage rates are influenced by swap rates, which reflect the cost of funding fixed-rate borrowing over a set period. Lenders also consider their funding costs, operating costs, risk and how competitive they want to be in the market. This means mortgage rates can change even when the Bank Rate stays unchanged. Equally, a change in Bank Rate does not necessarily mean fixed mortgage rates will move by the same amount or at the same time.
For borrowers, this is why looking at the wider mortgage market is useful rather than focusing only on the latest Bank Rate announcement.
If you’re considering changing your mortgage, our guide to Should You Remortgage Now? looks at the factors worth considering before making a decision.
Current 2-Year and 5-Year Fixed Mortgage Rates
Average mortgage rates vary depending on the mortgage term and the amount you borrow compared with the property’s value. Moneyfacts data checked on 14 October 2026 shows the following average fixed rates across different LTV bands:
| LTV | Average 2-year fixed | Average 5-year fixed |
| 60% LTV | 5.42% | 5.60% |
| 75% LTV | 5.80% | 5.89% |
| 85% LTV | 6.00% | 5.97% |
| 95% LTV | 6.37% | 6.30% |
These figures are market averages and a guide only. The rate available to you can be different depending on your deposit, income, credit history, mortgage amount, property and the lender’s criteria.
It’s also worth remembering that the lowest headline rate is not necessarily the cheapest overall deal. Arrangement fees, incentives and the length of the initial rate period can all affect the total cost of a mortgage.
Why Are Mortgage Rates Changing?
Mortgage rates can change for several reasons, and Bank Rate is only one part of the picture.
Inflation and expectations about interest rates can influence how lenders price mortgages. When markets expect interest rates to change, this can affect the cost of fixed-rate borrowing before the Bank of England actually changes Bank Rate.
Wholesale funding costs also matter. Fixed mortgage rates are influenced by swap rates, which reflect the cost of borrowing over a particular period. Changes in these rates can feed through into the fixed mortgage market.
Lender competition is another factor. Lenders regularly adjust their pricing depending on demand, funding costs and how competitive they want to be. This can mean rates move even when Bank Rate remains unchanged.
For borrowers, the result is that mortgage pricing can change from week to week. The rate available to you will also depend on factors such as your LTV, income, credit profile and the type of mortgage you need.
If you’re unsure how the current rates could affect your options, speak to Everest Mortgages for advice based on your circumstances.
What Could Happen at the Next Bank Rate Decision?
The Bank of England’s next scheduled Bank Rate decision is 5 November 2026. The outcome will depend on the economic data and wider conditions available to the Monetary Policy Committee at the time.
For mortgage borrowers, it is worth remembering that a Bank Rate decision does not automatically mean fixed mortgage rates will move by the same amount. Fixed rates can respond to changes in market expectations and swap rates before or after an MPC decision.
If you’re considering a mortgage or remortgage, you do not necessarily need to wait for the next Bank Rate announcement before exploring your options. Your circumstances, the deal available to you and your plans for the property are all relevant when deciding what to do next.
What Do Current Mortgage Rates Mean for Buyers?
Current mortgage rates are only one part of the overall cost of buying a home. What they mean for you will depend on your deposit, income, property price and the mortgage you qualify for.
First-time buyers
If you’re buying your first home, your deposit and loan-to-value (LTV) can have a significant impact on the rates available to you. A larger deposit means borrowing a smaller percentage of the property’s value, which can give you access to different mortgage products.
It is also worth looking beyond the headline rate. The mortgage term, arrangement fees and monthly repayments can all affect the overall cost of your mortgage.
If you’re new to the process, our guide to getting a mortgage as a first-time buyer can help you understand what to consider before applying.
Home movers
If you’re moving home, the rate available to you will depend on your new borrowing requirements, the equity you have in your current property and the lender’s criteria.
You may also need to consider whether porting your existing mortgage or taking a new deal makes sense for your circumstances.
Remortgaging
For homeowners coming to the end of a fixed-rate period, current mortgage rates can give you an indication of what your next deal might look like. It is worth reviewing your options before your existing deal ends rather than waiting until the last minute.
Read our guide to Remortgaging in 2026 for more on the factors to consider when reviewing your mortgage.
Should You Fix Your Mortgage Now?
There is no single answer to whether fixing your mortgage is the right choice. It depends on your circumstances, how long you expect to stay in the property and the deals available to you.
A fixed-rate mortgage gives you certainty over your monthly mortgage payment for the initial fixed period. A tracker or variable rate may move as interest rates change, so your payments could increase or decrease. It is also important to consider the overall cost of the deal, rather than looking at the interest rate alone. Arrangement fees, incentives, early repayment charges and the length of the fixed period can all affect which option makes sense for you.
If your current fixed-rate deal is coming to an end, it can be useful to start reviewing your options in advance. You can compare this with our guide to Should You Remortgage Now? for more information on what to consider.
Are Mortgage Rates the Same for Everyone?
No. The mortgage rate available to you can vary depending on your circumstances and the lender’s criteria.
Some of the factors that can affect the rate or mortgage products available to you include:
- Loan-to-value (LTV): The size of your deposit or the equity in your property compared with the amount you borrow.
- Income and affordability: Lenders assess your income and regular outgoings when deciding how much you can borrow.
- Credit history: Your credit profile can affect which lenders and products you may be eligible for.
- Mortgage type: Fixed, tracker and variable mortgages are priced differently.
- Property type: Some properties may have different lending criteria or restrictions.
- Loan size: The amount you need to borrow can affect the products available to you.
This is why an advertised rate should be treated as a starting point rather than a guarantee of what you will be offered. Two borrowers looking at the same property could potentially be offered different rates or mortgage products based on their individual circumstances.
For this reason, comparing the wider market can be useful when looking at your mortgage options.
How Everest Mortgages Can Help
Mortgage rates are an important part of the decision, but the lowest advertised rate is not necessarily the right mortgage for your circumstances. Your deposit, income, borrowing requirements, credit profile, property and future plans can all affect which options are available to you.
At Everest Mortgages, we take the time to understand your circumstances before looking at the mortgage options available across the market. Whether you’re a first-time buyer, moving home, remortgaging or dealing with a more complex situation, we can help you understand what you may be able to borrow and which mortgage options could suit your needs.
As an independent, whole-of-market mortgage broker, we are not tied to one lender. This means we can compare mortgage products from across the market and help you make sense of the differences between rates, fees, terms and lending criteria.
You can also use our mortgage calculator to get an initial idea of your potential monthly repayments and borrowing costs. If you’re looking for local mortgage advice, our mortgage broker Brighton page has more information about how we help borrowers across Brighton and the surrounding areas.
You don’t need to know exactly what mortgage you want before speaking to us. If you’re considering buying, moving or remortgaging, speak to Everest Mortgages to discuss your options and take the next step with greater clarity.
Frequently Asked Questions About UK Mortgage Rates
Mortgage rates can be confusing, particularly when advertised rates, Bank Rate and individual mortgage offers don’t always move together. Here are some of the questions borrowers commonly ask about the current mortgage market.
What are the current UK mortgage rates in October 2026?
Average mortgage rates vary depending on the mortgage type and LTV. Uswitch data checked on 14 October 2026 shows an average 2-year fixed rate of 5.74% and an average 5-year fixed rate of 5.81% at 75% LTV. Moneyfacts data for October 2026 shows average 2-year fixed rates ranging from 5.42% at 60% LTV to 6.37% at 95% LTV.
What is the Bank Rate in October 2026?
The Bank of England’s Bank Rate was 3.75% as of 14 October 2026, after being held at that level at the Bank’s September 2026 meeting.
Will mortgage rates fall in 2026?
Mortgage rates can change as market conditions, lender pricing and expectations around interest rates change. Future movements cannot be known with certainty, so it is better to focus on the rates and mortgage options available for your circumstances.
Should I fix my mortgage now?
There is no one-size-fits-all answer. It depends on your circumstances, the deal available to you, how long you plan to keep the mortgage and whether you value the payment certainty of a fixed rate.
Are 2-year or 5-year fixed mortgage rates better?
Neither is automatically better. A 2-year fix gives you a shorter period of payment certainty, while a 5-year fix provides longer-term certainty. The right option depends on your plans and the overall cost of the mortgage.
Why are mortgage rates different at different LTVs?
Lenders can price mortgages differently depending on how much you are borrowing compared with the property’s value. A lower LTV can give you access to different mortgage products and rates.
Do mortgage rates change when Bank Rate changes?
Not necessarily. Tracker rates are generally linked to Bank Rate, while fixed mortgage rates are influenced by factors including swap rates, funding costs and lender competition.
What mortgage rate could I get?
The rate available to you will depend on factors such as your LTV, income, credit history, property and the lender’s criteria. Market averages can provide a useful guide, but they are not a guarantee of the rate you will receive.
When is the next Bank of England interest rate decision?
The next scheduled Bank of England Monetary Policy Committee decision is 5 November 2026.
How can a mortgage broker help?
A mortgage broker can help you compare mortgage options across the market and understand how different rates, fees, lending criteria and mortgage terms could affect your overall deal.
Ready to Talk About Your Mortgage?
Mortgage rates can change from one week to the next, and the rate you see advertised may not be the rate available for your individual circumstances. That can make it difficult to know when to act or which options are worth considering.
Whether you’re buying your first home, moving, remortgaging or looking at a more complex mortgage, Everest Mortgages can help you understand the options available and how they could fit with your circumstances.
If you’re considering your next mortgage, speak to Everest Mortgages today and let us help you understand your options.
Disclaimer
The mortgage rates and market data in this article are provided for general information only and are not a guarantee of the rate or mortgage product available to you.
Rates can change, and the mortgage you may be offered will depend on your individual circumstances, the lender’s criteria and the property you’re buying or remortgaging.
Everest Mortgage Services Ltd is authorised and regulated by the Financial Conduct Authority (FCA), FCA Register number 786425.
Your home may be repossessed if you do not keep up repayments on your mortgage.
