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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.

Stay in the know with the latest mortgage rates

Get the latest mortgage rates and deals straight to your inbox, from our broker partner Mojo Mortgages. All they need is your email address.

Last updated
May 29th, 2024

Average mortgage rates

We reveal the current average mortgage rates in the UK for residential and buy-to-let mortgage deals below. These can be useful as a measure of what's happening in the mortgage market, but aren't necessarily indicative of the mortgage deal you could get.

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 lengthCurrent average rate across all lendersCurrent average rate across big six lenders
2 year fixed-rate (75% LTV)5.89%5.08%
5 year fixed-rate (75% LTV)5.35%4.69%
2 year variable rate (75% LTV)5.84%5.75%
Standard variable rate (SVR)8.65%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 29 May 2024

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 lengthAverage rate across all lendersAverage rate across big six lenders
2 year fixed-rate mortgage (75% LTV)5.69%5.37%

All average and lowest 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 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 29 May 2024

Stay in the know with the latest mortgage rates

Get the latest mortgage rates and deals straight to your inbox, from our broker partner Mojo Mortgages. All they need is your email address.

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 mortgages to find the right current mortgage rate for you.

Will mortgage rates fall or rise in 2024?

Towards the end of 2023, average fixed mortgage rates were declining. And they continued declining at the very start of 2024, however, it's very difficult to predict if they will continue to do so.

From the end of 2021 until August 2023, the Bank of England increased the base rate 14 times in a row to its current level of 5.25%. This was to combat rising inflation, although UK inflation has recently fallen to its lowest level in over two years (3.2%).

The Bank of England's Monetary Policy Committee is next set to make a decision about whether to increase the base rate on 20 June 2024. Many are wondering if this fall in inflation will lead to a reduction in the base rate soon, which could mean lower mortgage rates.

But it's important to note, changes to the base rate don't necessarily mean that mortgage rates will also change. While certain mortgage deals (tracker mortgages) 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, such as swap rates and the lender's discretion.

Swap rates have increased slightly recently with some lenders increasing their fixed mortgage rates as a result.

Unfortunately, recent volatility in mortgage deals means it's very hard to predict what will happen to mortgage rates over the next few months. But if you are due to remortgage, the average standard variable rate (which you're moved to after your current deal ends) is still above 8%, which is much higher than the average fixed mortgage rate.

This graph shows how fixed mortgage rates changed over the course of 2023 due to various factors. At the beginning of 2024, rates fell but have started to rise again in recent weeks.

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

  • 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 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

Stay in the know with the latest mortgage rates

Get the latest mortgage rates and deals straight to your inbox, from our broker partner Mojo Mortgages. All they need is your email address.

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 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 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.

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.

Will 'Dutch-style' mortgages come to the UK?

Dutch-style mortgages are named as such based on similar mortgage products on the continent. The difference is that they provide longer fixed-term deals with interest rates that decline automatically as you pay the mortgage off.

This is intended to save time and money by reducing the need to regularly remortgage at the end of a fixed term. There is currently only one lender in the UK offering this type of product, however, if popular, there is always the potential that others will follow suit.

Can I get a 99% mortgage?

The government were looking into the potential to offer a 99% mortgage scheme at the beginning of 2024, and while there is no official stance on this at the time of writing, the FCA suggests that this idea has since been scrapped by the chancellor.

There is currently one lender offering an effectively 99% mortgage, in that they accept £5000 deposit to purchase a property 'up to' the value of £500,000. There is also one 100% mortgage product on the market.

However, it's important to fully understand the risks involved with taking out a low or zero deposit mortgage.

When will mortgage rates go down?

One of the most commonly asked question relating to mortgage rates is when they will come down. However, while average rates are often quoted in the press, it's important to understand that every lender sets their rates based upon their own best guesses. This is why in the same week we can see some lenders push their rates up and others cut them.

There are many factors that come into play when lenders determine mortgage rates, with the base rate and swap rates being major considerations. However, ultimately, even the most skilled financial analysts can only venture an educated guess of when mortgage rates are likely to fall across the board.

The best way to stay up to date with current average rates is to bookmark this page, and always ensure you speak to a mortgage broker before choosing a deal.

How does the Bank of England Base Rate impact 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.

You can find out more in our guide to the Bank of England base rate.


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.