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What are the UK mortgage rates today? | 22 February 2024

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UK mortgage interest rates are fleeting and changes can occur multiple times per day, depending on the current cost of swap rates, Bank of England (BoE) base rate announcements, and lenders' discretion.

We break down the current average mortgage rates in the UK and look at the potential direction of future UK mortgage rates.

Last updated

Current residential mortgage rates

Deal type and lengthCurrent average rate across all lendersCurrent average rate across big six lenders
2 year fixed-rate (75% LTV)5.74%4.86%
5 year fixed-rate (75% LTV)5.24%4.51%
2 year variable rate (75% LTV)5.88%5.74%
Standard variable rate (SVR)8.74%7.5%

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.

Date Updated 22 February 2024

Current buy-to-let mortgage rates

Deal type and lengthRange of lendersCurrent average rateCurrent lowest rate
2 year fixed-rate mortgage (75% LTV)Across all lenders5.64%3.79%
2 year fixed-rate mortgage (75% LTV)Across big 6 lenders5.29%4.64%

All average and lowest rates provided by Mojo Mortgages. The above are the average and lowest mortgage rates for a two-year fixed-rate (75% LTV) buy-to-let mortgage. These are not the only product types available. THESE BUY-TO-LET MORTGAGE DEALS MAY NOT BE AVAILABLE AT THE TIME YOU ARE READY TO SUBMIT AN APPLICATION

Date Updated 22 February 2024

It's important to note the above rates aren't necessarily indicative of the rate you would be offered.

The rate you can get will depend on your 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 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 deals to find the best mortgage rate for you.

Will interest rates rise or fall in 2024?

As economic conditions have calmed over the past couple of months, mortgage rates have actually been declining. They are forecast to continue declining throughout 2024, but this is impossible to predict with real certainty.

From the end of 2021 until August 2023, the Bank of England increased the base rate 14 times in a row to combat rising inflation. However, it has remained at the same level since August 2023, remaining at 5.25%

The Bank of England's Monetary Policy Committee is next set to make a decision about whether to increase the base rate on 21 March 2024.

However, increases in the base rate don't necessarily mean that mortgage rates will also increase. While certain deals have rates directly linked to the base rate, the rates on other types of mortgages are influenced by other factors in addition to the base rate.

This graph shows how mortgage rates changed over the course of 2023 due to various factors, such as changes to the base rate and swap rates. At the beginning of 2024, rates have began to fall again despite the base rate remaining the same.

Average UK mortgage rates in the UK 2023 by LTV

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 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 deal hasn't ended, however, make sure you're aware of any early repayment charges (ERCs)

  • Lock in 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 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 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

How does the Bank of England base rate affect today's mortgage rates?

The Bank of England base rate is used by the organisation to help manage inflation.

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 they want to reduce inflation, the Bank of England will increase the base rate. The idea is that this will discourage spending and encourage saving.

With mortgages, it depends on what kind of deal you have as to how base rate changes will affect your rate.

  • Tracker mortgages – the rates on these deals are directly linked to the base rate, and will rise and fall with it.

  • SVR or discount mortgages – these rates aren't directly linked to the base rate but are influenced by it, so these can increase or decrease if the base rate does.

  • Fixed-rate mortgages – if you're on a fixed-rate deal, your rate will stay the same for the duration of that deal. However, base rate changes can affect what fixed deals are available for those needing to get a new mortgage.

While base rate changes only directly affect tracker mortgage rates, they also influence the other deals that lenders offer.

Bank of England base rate changes since 2006

Source: Bank of England

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 an 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 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 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 best 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. However, it's a good idea to take guidance from a broker 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 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.

Should I wait until 2025 to buy a house?

If you're buying your first home, one of the most important factors is your personal financial circumstances. So while the market conditions, in terms of mortgage rates and house prices should also be a factor, it's a good idea to ensure you have a good deposit, and strong affordability regardless.

You can monitor house prices via Zoopla's monthly house price index, and keep up with what's going on in the UK mortgage world on our mortgage news page. However, ultimately, even in a peak buyers market, ensure you're in the best personal position too.


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, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE. To contact Mojo by phone, please call 0333 123 0012.