Current mortgage rates
If you’re thinking about buying a home, you are likely to be interested in what the current mortgage rates are in the UK.
Lenders change the rates of their mortgage products regularly, so it can be hard to keep up with what the best mortgage rates are. That’s why we update the average mortgage rates regularly, and compare how they’ve changed since the previous week. You can also compare mortgage rates across a range of loan to value (LTV) percentages.
What’s happening with UK mortgage and interest rates in February 2026?
Over January, mortgage rates remained relatively stable, following prior cuts to rates in November and December. The Base Rate was cut by 0.25%, to 3.75% on 18 December 2025, with lenders updating their products to reflect this.
On 5 February 2026, the Base Rate was held at 3.75%.
Matt Smith, our mortgage expert explains: “We saw some headline grabbing low mortgage rates being offered by lenders at the end of 2025 and into January, which saw average rates drop to their lowest level since before the mini-Budget. Since then, rates have stabilised and even ticked up marginally in places, as the cost of funding mortgages has become more expensive due to global and domestic economic events.”
The Bank of England (BoE) meet every six weeks to decide whether the Base Rate should go up or down, or stay the same. In the month of January 2026, UK inflation dropped to 3%.
Average rates for 2-year and 5-year fixed-rate mortgages
| Term | Average rate | Weekly change | Yearly change |
|---|---|---|---|
| 2-year fixed | 4.25% | -0.02% | -0.62% |
| 5-year fixed | 4.40% | +0.00% | -0.29% |
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.
Lowest rates for 2-year and 5-year fixed-rate mortgages
| Term | Lowest rate | Weekly change | Yearly change |
|---|---|---|---|
| 2-year fixed | 3.56% | +0.00% | -0.48% |
| 5-year fixed | 3.79% | +0.00% | -0.18% |
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.
What are the current UK mortgage interest rates in February?
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
| Loan to Value (LTV) | Term | Avg rate 19 Feb 2026 |
Avg rate 26 Feb 2026 |
Weekly Change | Yearly Change |
|---|---|---|---|---|---|
| 95% | 2-year-fixed | 4.97% | 4.98% | +0.01% | -0.62% |
| 95% | 5-year-fixed | 5.00% | 5.01% | +0.01% | -0.30% |
| 90% | 2-year-fixed | 4.37% | 4.36% | -0.01% | -0.87% |
| 90% | 5-year-fixed | 4.51% | 4.50% | -0.01% | -0.40% |
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
| Loan to Value (LTV) | Term | Avg rate 19 Feb 2026 |
Avg rate 26 Feb 2026 |
Weekly Change | Yearly Change |
|---|---|---|---|---|---|
| 85% | 2-year-fixed | 4.16% | 4.14% | -0.02% | -0.70% |
| 85% | 5-year-fixed | 4.35% | 4.34% | -0.01% | -0.34% |
| 75% | 2-year-fixed | 4.08% | 4.05% | -0.03% | -0.62% |
| 75% | 5-year-fixed | 4.22% | 4.21% | -0.01% | -0.34% |
Average fixed-term mortgage rates for home-buyers with 40% deposits
| Loan to Value (LTV) | Term | Avg rate 19 Feb 2026 |
Avg rate 26 Feb 2026 |
Weekly Change | Yearly Change |
|---|---|---|---|---|---|
| 60% | 2-year-fixed | 3.74% | 3.71% | -0.03% | -0.55% |
| 60% | 5-year-fixed | 3.99% | 3.98% | -0.01% | -0.19% |
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.
Average monthly mortgage repayments by average house price
Whilst weekly average mortgage rates are useful to know, you’re likely wondering how this affects your monthly payments in real terms, to understand affordability. To help with that, we also track the average monthly mortgage repayments by average house prices.
According to our monthly mortgage tracker, the national average monthly mortgage payment in January was £1,592, based of the average asking price of a home being £368,031.
First-time buyers are now looking at lower monthly mortgage payments than this time last year. The typical first-time buyer property (excluding London) is £225,544. For someone taking out an average two-year fixed, 80% LTV mortgage, the average monthly mortgage repayment on this type of home is now £975 per month if repaying over 25 years. This is down from £1,062 in Jan 2025.
Source: Rightmove House Price Index and Podium data
*First-time buyer homes includes all 2-bed properties and smaller that come to market (houses and flats).
Mortgage rates FAQs
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What is a mortgage interest rate?
A mortgage rate is the interest your lender charges you for borrowing money to buy a home. It shows the additional cost of borrowing money to buy your home.
Mortgage rates are shown as a percentage, and help you to determine how much money you’ll repay each month, as well as the total cost of your mortgage over time.
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What are the different types of mortgages?
There are several types of mortgages, each suited to different needs:
- Fixed‑rate mortgages: your interest rate stays the same for a set period, so your monthly payments won’t change.
- Tracker mortgages: the interest rate moves in line with the Bank of England base rate, so your payments can go up or down.
- Standard Variable Rate (SVR) mortgages: you move to this rate when your initial deal ends; it can change at your lender’s discretion.
- Discount (variable) mortgages: you get a discounted rate on your lender’s standard variable rate (SVR) for a set period; your payments can still change.
- Offset mortgages: your savings are linked to your mortgage, helping reduce the interest you pay.
- Interest‑only mortgages: you pay only the interest each month and repay the full loan at the end of the term.
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How often do mortgage rates change?
Mortgage rates in the UK can change frequently, as lenders regularly adjust their product rates in response to market conditions. The Bank of England’s Base Rate strongly influences mortgage rates, particularly tracker mortgages, and this is reviewed every six weeks. Any changes to the Base Rate can lead to updated mortgage rates.
While you may not see dramatic changes day to day, it’s normal for mortgage rates to change frequently.
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How much can you borrow with a mortgage?
The amount you can borrow with a mortgage is determined by an affordability assessment and your interest rate is determined by the amount of deposit you have, otherwise known as loan-to-value (LTV).
LTV is expressed as a percentage, and it reflects the size of the mortgage you need as a proportion of the value of the home you want to buy. The bigger the deposit you have, the lower the LTV, and vice-versa.
A good way to find out how much you could borrow is to use a Mortgage Calculator. And to get a personalised result by applying for a Mortgage in Principle which will take you one step closer to a mortgage offer.
Read more about the different types of mortgages and how to choose a mortgage term that meets your needs, both now and in the future.
You can also check the current average Remortgage Rates here, and explore options with our Remortgage Calculator.
Please note: Your home may be repossessed if you do not keep up repayments on the mortgage. Early Repayment Charges may apply if you leave your current mortgage during the fixed-rate period. Rightmove is not authorised to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions. Please seek advice from a regulated mortgage adviser.
