Last verified 28 August 2026
UK Mortgage Rates Today
Average rates across the UK market in August 2026, broken down by product and by loan to value. Use these as a realistic starting point in the mortgage calculator, though your own rate will depend on your deposit, credit profile, income shape and the specific lender.
Bank of England base rate
3.75%
Held on 30 July 2026
Average 2-year fix
5.09%
Rightmove tracker, 8 Aug 2026
Average 5-year fix
5.12%
Rightmove tracker, 8 Aug 2026
Average SVR
7.03%
What you roll onto by default
Average rates by product
| Product | Average rate | £200,000 over 25 yrs | £300,000 over 25 yrs | Early repayment charge |
|---|---|---|---|---|
| 2-year fixed | 5.09% | £1,180 | £1,770 | Yes, usually 1 to 2% |
| 3-year fixed | 5.10% | £1,181 | £1,771 | Yes, usually 2 to 3% |
| 5-year fixed | 5.12% | £1,183 | £1,775 | Yes, usually 3 to 5% |
| 10-year fixed | 5.34% | £1,209 | £1,814 | Yes, often to year 10 |
| 2-year tracker | 4.99% | £1,168 | £1,752 | Often none |
| Discount variable | 5.35% | £1,210 | £1,815 | Varies |
| Standard variable rate | 7.03% | £1,417 | £2,126 | None |
| Buy to let (interest only) | 5.45% | £908 | £1,363 | Yes, usually 3 to 5% |
Sources: Rightmove weekly mortgage tracker (8 August 2026) and Moneyfacts market averages. Moneyfacts publishes higher averages than Rightmove, at 5.59% and 5.63% for 2 and 5-year fixes respectively, because the two use different product sets, fee assumptions and lender coverage. Both are directional indicators, not quotes. Payment columns calculated with our own repayment calculator.
Mortgage rates by loan to value
Loan to value is the single biggest lever on the rate you are offered. Pricing moves in tiers, not smoothly, which means being at 76% LTV costs the same as 80%, and finding a few thousand pounds to reach 75% can pay for itself several times over.
| LTV tier | Deposit needed | 2-year fix | 5-year fix | Monthly on £200,000 (5yr) |
|---|---|---|---|---|
| 60% or below | 40%+ | 4.33% | 4.41% | £1,101 |
| 75% | 25% | 4.58% | 4.64% | £1,128 |
| 80% | 20% | 4.79% | 4.83% | £1,149 |
| 85% | 15% | 5.02% | 5.06% | £1,176 |
| 90% | 10% | 5.31% | 5.34% | £1,209 |
| 95% | 5% | 5.74% | 5.79% | £1,263 |
What the tiers are worth in cash. On a £200,000 mortgage over 25 years, the 95% tier costs about £135 a month more than the 75% tier, roughly £40,500 across the term. Even the single step from 90% to 85% LTV saves about £33 a month. Check your own position on the mortgage calculator, and see what an overpayment before your remortgage would achieve on the overpayment calculator.
The Bank of England base rate
Base rate is 3.75%, held at the Monetary Policy Committee meeting on 30 July 2026. The next decision is scheduled for 17 September 2026.
Base rate does not move fixed mortgage rates directly. Fixed pricing is set from swap rates, which are what lenders pay to borrow money for a fixed period, and those move on expectations of future base rate, which is why fixed deals often reprice weeks before a Bank of England decision and sometimes barely move on the day itself. What base rate does move directly is trackers, which follow it by a set margin, and standard variable rates, which lenders adjust at their discretion.
| Decision date | Base rate | Change |
|---|---|---|
| 30 July 2026 | 3.75% | Held |
| 17 September 2026 | To be confirmed | Next decision due |
What happens to rates next?
Forecasts genuinely disagree in August 2026. Some economists expect further cuts as inflation settles; others expect base rate to be held at 3.75% through the rest of the year; a minority see a rise if inflation proves stickier than expected. Nobody knows, and anyone telling you otherwise is guessing with confidence.
What that means practically:
- Do not wait for a better rate. The cost of sitting on a standard variable rate at 7% while you wait dwarfs the difference between a 5.09% and a 4.90% fix.
- Lock early, review before completion. Secure an offer six months out, then check again before it completes, because most lenders let you switch to a cheaper product with them if rates fall in the meantime.
- Match the fix to your life, not the forecast. If you might move in three years, a five-year fix with a 4% early repayment charge is an expensive way to be right about rates.
Which product should you choose?
| Product | Best for | Watch out for |
|---|---|---|
| 2-year fixed | Buyers who may move, or whose LTV will improve sharply | You pay a product fee again in 24 months |
| 5-year fixed | Budget certainty, staying put, avoiding fee churn | Early repayment charges of 3 to 5% if you leave |
| Tracker | Believing base rate will fall; flexibility to overpay or leave | Your payment can rise with no warning |
| Offset | Holding significant savings you want accessible | Higher headline rate; only worth it above roughly 20% of the balance in savings |
| Standard variable | Very short bridging periods only | The most expensive rate on the market by a wide margin |
The rate is not the whole cost. A 4.79% deal with a £1,499 fee can easily cost more than a 4.95% deal with no fee on a smaller balance. Always compare the total cost over the deal period, not the headline rate. The remortgage calculator does this arithmetic including fees and any early repayment charge.
Rate questions, answered
Why do different websites quote different average rates?
Because they measure different things. Rightmove's tracker weights products by what borrowers actually take; Moneyfacts averages every product on the market regardless of uptake, including small lenders and niche products. In August 2026 that produces a gap of around half a percentage point, 5.09% versus 5.59% on a two-year fix. Neither is wrong; use them as direction of travel, then get real quotes.
Will mortgage rates fall in 2026?
Forecasts are split. With base rate at 3.75% and fixed pricing around 5.1%, the market is already pricing in some further easing. Meaningful falls would require the swap curve to move, which needs a clear inflation trend rather than a single Bank of England decision. Planning on the basis that rates stay roughly where they are is the safer assumption.
Can I get a mortgage rate lock?
Effectively yes. Once a lender issues an offer it is normally valid for three to six months, and the rate is held for that period regardless of what the market does. Many lenders will also let you switch down to a cheaper product with them before completion if rates fall, which is worth asking about explicitly when you apply.
How do I get the best rate available to me?
Four things, roughly in order of impact: get into the lowest LTV tier you can reach, keep your credit file clean for at least six months before applying, minimise committed credit, and use a whole-of-market broker who knows which lenders treat your income shape most generously. The best advertised rate on a comparison table is often unavailable to the person reading it.
Related tools and guides
- Mortgage repayment calculator
- Remortgage calculator: compare deals with fees
- Affordability calculator
- 2-year vs 5-year fixed: which wins in 2026?
- Remortgaging explained
Rate data compiled 28 August 2026 from Rightmove's weekly mortgage tracker, Moneyfacts market averages and Bank of England published rates. LTV tier rates are indicative market positions rather than specific product quotes. This page is information, not advice.