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- What Are The UK Mortgage Rates Today? Saturday 14 June 2025
What are the UK mortgage rates today?
UK mortgage interest rates can change quickly at the moment, depending on the current cost of swap rates, Bank of England (BoE) base rate announcements, and lenders' discretion.
In this article, we break down the current average mortgage rates in the UK and look at the potential direction of future UK mortgage rates.
And if you're ready for a mortgage, our broker partner Mojo can help you find your best deal.
What are the current UK mortgage rates today?
Mortgage rates can change regularly, so it's important to keep up to date with the latest news - including when the Bank of England may change the base rate. The Bank of England most recently cut the base rate to 4.25% on 8 May 2025.
The average mortgage rates in the UK as of 9 June 2025 are:
4.89% for a two-year fixed-rate mortgage at 75% LTV
5.14% for a five-year fixed-rate mortgage at 75% LTV
All average rates are provided by Mojo Mortgages. The above are the average mortgage rates for a 75% loan-to-value mortgage.
Current residential mortgage rates
A residential mortgage is one that you use for a property you plan to live in. The table below shows the average rates for selected deal lengths and types.
| Deal type and length | Average rate across all lenders | Average rate across big six lenders |
|---|---|---|
| 2 year fixed-rate (75% LTV) | 4.89% | 4.28% |
| 5 year fixed-rate (75% LTV) | 5.14% | 4.23% |
| 2 year variable rate (75% LTV) | 4.79% | 4.7% |
| Standard variable rate (SVR) | 7.74% | 6.75% |
All average rates are provided by Mojo Mortgages. The above are the average mortgage rates for various products across the market. These won't necessarily be available to you, and are not the only product types available.
Current buy-to-let mortgage rates
A buy-to-let mortgage is usually used to purchase a property that you plan to rent out to others. The below table shows the average buy-to-let mortgage rates for selected deal lengths and types.
| Deal type and length | Average rate across all lenders | Average rate across big six lenders |
|---|---|---|
| 2 year fixed-rate mortgage (75% LTV) | 5.18% | 4.54% |
All average rates provided by Mojo Mortgages. The above are the average mortgage rates for a two-year fixed-rate (75% LTV) buy-to-let mortgage. These won't necessarily be available to you, and are not the only product types available.
The above tables display the average mortgage rates across residential and buy-to-let mortgage deals in the UK. While these can be useful for mortgage rate comparison and as a measure of what's happening in the UK mortgage market, keep in mind that they are average mortgage rates.
It's important to note the above rates aren't necessarily indicative of the full range of mortgage deals available in 2025 or of the lowest mortgage rates that you may be offered.
The lowest mortgage rate you can get will depend on your personal and financial circumstances and how much deposit you can put down. The bigger the deposit, the lower the loan-to-value (LTV) which generally allows you access to better mortgage rates - as lenders will see you as less risky.
In the current climate, it's worth speaking to a whole-of-market mortgage broker who can compare mortgages to find the right current mortgage rate for you.
Latest mortgage rates
The table below shows some of the best two year fixed-rate mortgages and five year fixed-rate mortgages in the market today based on the lowest initial rate available at certain loan-to-value (LTV) ratios.
These products might not suit you and your circumstances, but working with a mortgage broker like our partner Mojo can help you find the best mortgage deals available to you.
Remember, you could lose your home if you don't keep up with your mortgage repayments.
- 2 years
- Fixed rate
- Monthly repayment£ 881.31
- Loan to value60 %
- Initial interest rate3.95 %
- Variable rate6.75 %
- APRC6.4%
- Product fees£ 1,224
Representative example:Repayment mortgage of £168,000.00 over 25 years, representative APRC 6.4%. Repayments: 26 months of £881.31 at 3.95% (fixed), then 274 months of £1,138.85 at 6.75% (variable). Total amount payable £334,958.96. Early repayment charges apply until 02-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1224. Legal fees £184.75.
- 2 years
- Fixed rate
- Monthly repayment£ 1,036.83
- Loan to value70 %
- Initial interest rate4.03 %
- Variable rate6.75 %
- APRC6.5%
- Product fees£ 1,224
Representative example:Repayment mortgage of £196,000.00 over 25 years, representative APRC 6.5%. Repayments: 26 months of £1,036.83 at 4.03% (fixed), then 274 months of £1,329.46 at 6.75% (variable). Total amount payable £391,229.62. Early repayment charges apply until 02-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1224. Legal fees £184.75.
- 2 years
- Fixed rate
- Monthly repayment£ 1,206.08
- Loan to value80 %
- Initial interest rate4.2 %
- Variable rate6.74 %
- APRC6.5%
- Product fees£ 1,016
Representative example:Repayment mortgage of £224,000.00 over 25 years, representative APRC 6.5%. Repayments: 26 months of £1,206.08 at 4.2% (fixed), then 274 months of £1,519.99 at 6.74% (variable). Total amount payable £447,835.34. Early repayment charges apply until 31-Aug-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1016. Legal fees £295.
- 2 years
- Fixed rate
- Monthly repayment£ 1,385.01
- Loan to value90 %
- Initial interest rate4.39 %
- Variable rate7.44 %
- APRC7.1%
- Product fees£ 1,205
Representative example:Repayment mortgage of £252,000.00 over 25 years, representative APRC 7.1%. Repayments: 27 months of £1,385.01 at 4.39% (fixed), then 273 months of £1,817.28 at 7.44% (variable). Total amount payable £533,512.71. Early repayment charges apply until 30-Sep-2027. Arrangement, mortgage discharge, valuation and CHAPS fees total £1205. Legal fees £258.
The above deals are provided by Mojo Mortgages and updated every 12 hours. They may not be suitable for your circumstances and might not be available when you're ready to submit an application.
What is a mortgage interest rate?
When you take out a mortgage, you're taking out a loan which you'll need to repay. In addition to the loan, you have to pay interest on the amount you borrowed. The amount of interest you pay is determined by your mortgage rate.
The higher the mortgage interest rate, the more expensive your monthly repayments will be. That's why it's good to compare mortgage rates and try to get a deal with the lowest mortgage rate possible and find the best mortgage rate for your personal circumstances.
Different mortgage rates work in slightly different ways:
Fixed-rate mortgages - won't change for the full length of the deal, usually two, three, five or 10 years. This can be great for budgeting, but won't allow you to take advantage if rates fall
Variable-rate mortgage deals - This includes discount mortgages and tracker mortgages. All variable rate deals can change at any time. For discount and trackers, this includes during the introductory period
Standard variable rate (SVR) - this is not a mortgage deal type, it's the lender’s default rate - so what you pay if you don't choose one of the deals or if your deal ends and you don't remortgage onto another one. A standard variable rate mortgage is usually set a couple of percent higher than any deals lenders offer, and as a variable mortgage rate, can also change at any time. However, there is no tie in period, so you can leave at any time
How does the Bank of England Base Rate and inflation impact today's mortgage rates?
The Bank of England base rate is used by the organisation to help manage inflation, which is the rate at which the cost of goods rise over time. The current UK inflation rate is 3.5%.
When inflation is low and they want to encourage borrowing and spending, the Bank of England will lower the base rate, as this make loans more affordable. When inflation is high, the Bank of England increases the base rate of interest in an attempt to curb inflation. The idea is that this will discourage spending and encourage saving.
The base rate influences all mortgages, but has the most impact on variable rate mortgages, specifically a tracker, which tends to rise and fall directly in line with the base rate. Other variable rate mortgages (discount and standard variable rate) are also liable to change when the base rate does, but can really change any time at the lenders' discretion. If you're on a fixed-rate mortgage you won't see the impact of base rate changes in your mortgage interest rate until your deal ends.
Why are mortgage rates so high?
The average fixed mortgage rates declined steadily throughout 2024, and experts expect this trend to continue in 2025 - particularly if the Bank of England base rate falls further (and early indications suggest it could do throughout 2025). However, lots of other factors determine current mortgage rate trends, so it's wise to compare mortgage rates regularly if you plan to take on a new deal.
From the end of 2021 until August 2023, the Bank of England increased the base rate 14 times in a row to 5.25% in order to combat rising inflation. The UK inflation rate fell below the Bank of England's 2% target in September 2024, and in response the base rate was reduced in November 2024 to 4.75% and remained at 4.75% for the rest of 2024.
On the 8 May 2025, the Bank of England announced it would decrease the base rate from 4.5% to 4.25%, which is optimistic news for homeowners.
Will mortgage rates rise or fall in 2025?
Many factors influence how lenders determine mortgage rates, with the base rate and swap rates being major considerations. However, even the most skilled financial analysts can only venture an educated guess of when mortgage rates are likely to fall across the board.
Swap rates changed a lot in the last year, which meant there was continued volatility in the market despite the base rate remaining the same for much of 2024. However, in April 2025, swap rates fell which prompted some lenders to start to reduce their mortgage rates.
While changes to the base rate don't necessarily mean that mortgage rates will also change, certain mortgage deals (tracker mortgages) do have rates directly linked to the base rate so it's a good idea to keep an eye on upcoming announcements. The current base rate is 4.25% and the Bank of England's Monetary Policy Committee is next set to make a decision about whether to increase or decrease the base rate on 19 June 2025.
If you are due to remortgage, the average standard variable rate (which you're moved to after your current mortgage deal ends) is just below 8%, which is much higher than the average fixed mortgage rate.
The below graph shows how fixed mortgage rates changed over the course of 2024 and into 2025 due to various factors. However, the best way to stay up to date with current average rates is to sign up to our newsletter, and always make sure you speak to a mortgage broker who can help you find the best mortgage deals available.
Source: Mojo Mortgages
Loan-to-value (LTV) is the amount you borrow for a mortgage as a percentage of the total value of the property
What should I do if mortgage rates rise?
If you're concerned about your mortgage interest rate rising, then you may want to consider:
Fixing your mortgage – this will keep your rate the same for a set period of time. If your current mortgage deal hasn't ended, however, make sure you're aware of any early repayment charges (ERCs) when you compare mortgage rates
Secure a new interest rate today – if you're due to remortgage within the next six months, you can lock in a new rate now and switch when your mortgage deal ends, avoiding an ERC. If rates fall before your deal ends, you can switch again to get a better option
What should I do if mortgage rates fall?
if you're worried that interest rates will fall after you've secured a mortgage, you could:
Opt for a shorter-term fixed-rate mortgage deal – this means you're locked into that rate for less time
Consider a variable-rate mortgage, such as a discount deal – but keep in mind that if rates rise, you'll end up with higher monthly repayments
It's not always possible to predict changes in mortgage rates but there are ways to improve your chances of accessing the best deals for your circumstances. Shopping around and comparing lenders is essential, as even a slight rate difference can save you thousands over the life of the mortgage.”Laura Hamilton, Mortgage Expert
Customers also asked
How do mortgage rates work?
When you take out a mortgage, you're taking out a loan which you'll need to repay. In addition to the loan, you have to pay interest on the amount you borrowed.
The amount of interest you pay is determined by your mortgage rate. The higher this is, the more expensive your monthly repayments will be. That's why it's good to try and get a deal with as low a mortgage interest rate as possible
What is a good mortgage interest rate?
A good mortgage interest rate depends on market conditions, along with the size of your deposit and financial circumstances. If you have a large deposit (ideally 40% or more) and excellent credit history, you should be able to get some of the lowest mortgage rates available. However, if have a small deposit and your credit rating isn't so strong, you'll likely find you have to pay a more expensive mortgage rate.
This is because lenders tend to base the rate on how much risk they're taking on by letting you borrow from them. The higher the deposit you put down, the lower the LTV ratio and less risk they're taking on. Similarly, if you have a great credit history, lenders are likely to see you as less of a risk. A mortgage broker can help you find the the most suitable mortgage rate for your circumstances.
Should I lock in a mortgage rate today?
It really depends on your circumstances. If you're already on, or about to fall onto a high SVR (standard variable rate), then you'll need to consider whether it's worth paying more interest while you wait to see whether rates fall further.
However, keep in mind that the market has seen significant volatility in recent years, and just because rates have fallen from their highest levels in recent history, the base rate remains high for the time being.
If you plan to move soon, then it may be worth staying on an SVR for a short time, as there are no ERCs to pay when you do look at a new mortgage deal. However, it's a good idea to take guidance from a broker on your mortgage comparison if you're uncertain on your best move.
Can you lock in a mortgage rate for 30 years?
It is possible to find 30 year, and even some longer fixed-rate mortgage deals than that in the UK these days. But this is typically far more common in the USA and Europe, as our longer-term fixed rate deals still tend to be fairly pricey, and hard to find.
However, there are multiple pros and cons to consider when it comes to locking in a mortgage deal for a very long time. It's a good idea to look at whether a long term fixed-rate mortgage is the right option for you, before tying in for 30 years.
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About the author
YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.
*Average savings are based on Mojo Mortgages residential remortgage sales data, compared to the average SVR in May 2025. Actual savings will depend on individual circumstances.