TL;DR
In mid-May 2026, average UK fixed mortgage rates have moved above 5%, with five-year fixes averaging around 5.70% and some lenders having withdrawn their cheapest deals. The Bank of England base rate is 3.75%, held on 30 April 2026, with the next decision due on 18 June 2026. Standard variable rates remain close to 8%, well above typical fixed deals, which keeps remortgaging relevant for borrowers whose current deal is ending.
Last reviewed: 14 May 2026
The mortgage market has shifted direction over the course of 2026. The year began with expectations of falling rates, and it has instead seen fixed deals move higher as the interest rate outlook changed. For borrowers approaching the end of a fixed deal, or buying for the first time, the picture in mid-May matters.
This article sets out where UK mortgage rates stand in the week of 14 May 2026, why they have moved, the gap between fixed deals and standard variable rates, and the practical points borrowers should be aware of. It describes the market and does not recommend any particular product or lender.
Where mortgage rates stand in mid-May 2026
Average fixed mortgage rates have climbed above 5%. Reported figures put the average five-year fixed rate at around 5.70% in May 2026, with two-year fixes also higher than earlier in the cycle. Some lenders pulled their cheapest deals, including sub-4% rates, as they repriced in response to market movements, and the most competitive deals have at times had a short shelf life.
For context, the average five-year fix in May 2026 is well above the level seen five years earlier, when comparable deals were around 2.57%. Borrowers coming off older, cheaper fixed deals are therefore likely to face higher payments on any new deal than on their expiring one.
Why mortgage rates have moved higher
Mortgage pricing is influenced by the Bank of England base rate and by swap rates, which reflect market expectations of where rates are heading. The base rate was held at 3.75% on 30 April 2026. The larger driver of the recent move has been the change in expectations: earlier in the year markets were positioned for cuts, and the conflict in the Middle East and rising energy prices shifted that towards the possibility of rates staying higher for longer.
Inflation was 3.3% in the year to March 2026, and the Bank's April 2026 Monetary Policy Report projected it could rise further through the year. Lenders price fixed deals against this changing outlook, which is why fixed rates can move even when the base rate itself is unchanged.
The gap between fixed deals and the standard variable rate
One of the most important numbers for borrowers is the standard variable rate, or SVR. This is the rate a borrower moves onto automatically when a fixed deal ends, if they do nothing. The average SVR is reported to be close to 8%, which is substantially higher than typical fixed mortgage rates currently available.
That gap is why remortgaging remains relevant even in a higher-rate environment. A borrower whose fixed deal is ending and who lets the mortgage roll onto the SVR could pay considerably more each month than on a new fixed or tracker deal, even though new deals are more expensive than they were a few years ago.
Fixed, tracker and variable: what the options mean
A fixed-rate mortgage holds the interest rate for a set period, giving payment certainty regardless of base rate movements during the term. A tracker mortgage moves directly with the Bank of England base rate, so payments fall if the base rate falls and rise if it rises. A standard variable rate is set by the lender and can change at its discretion.
The right choice depends on a borrower's circumstances and their view on where rates are heading, which is genuinely uncertain. In a recent poll of economists, views on the base rate for 2026 were split between those expecting it to stay unchanged, those expecting at least one rise, and those expecting one or more cuts. That spread of professional opinion is itself a reminder that rate direction is not settled.
What borrowers should know now
For borrowers with a fixed deal ending in the next six months, it is generally worth starting to review options early, because lenders will often allow a new deal to be arranged in advance and held. This avoids an unplanned move onto the SVR. For those still partway through a cheap fixed deal, the rate is locked for now, and the value is in that existing rate rather than in any new deal.
First-time buyers face the same higher-rate environment, where the size of the deposit and the loan-to-value ratio strongly affect the rate available. The Bank of England's next base rate decision is scheduled for 18 June 2026. A regulated mortgage broker or adviser can help a borrower compare deals across the market for their specific situation.
Disclaimer: This article is for general information only and does not constitute mortgage or financial advice. Mortgage rates change frequently and the figures cited reflect the market at the time of writing. Borrowers should check current rates directly, consider their own circumstances, and seek advice from a regulated mortgage broker or adviser before making a decision.
Frequently asked questions
What are UK mortgage rates in mid-May 2026?
Average fixed mortgage rates have moved above 5%, with the average five-year fixed rate reported at around 5.70% in May 2026. Some lenders have withdrawn their cheapest deals, including sub-4% rates, as they repriced in response to market movements.
Why have mortgage rates risen this year?
Mortgage pricing reflects the Bank of England base rate and market expectations shown in swap rates. The base rate was held at 3.75% on 30 April 2026, but expectations shifted from cuts towards rates staying higher for longer, driven by the conflict in the Middle East and rising energy prices, which pushed fixed deals higher.
What is a standard variable rate and why does it matter?
A standard variable rate, or SVR, is the rate a borrower moves onto automatically when a fixed deal ends, if they do nothing. The average SVR is reported to be close to 8%, well above typical fixed deals, which is why remortgaging before a deal ends is often relevant.
When is the next Bank of England rate decision?
The Bank of England's Monetary Policy Committee is next scheduled to decide on the base rate on 18 June 2026. The base rate was held at 3.75% at the previous decision on 30 April 2026.
Should I fix my mortgage or choose a tracker?
This depends on individual circumstances and a borrower's view on where rates are heading, which is uncertain. A fixed rate gives payment certainty for a set period, while a tracker moves with the base rate. A regulated mortgage broker can help compare options for a specific situation.
How we verified this
This article is based on published mortgage market data for May 2026, including an average five-year fixed rate reported at around 5.70%, the withdrawal of sub-4% deals by some lenders, and an average standard variable rate reported close to 8%. Interest rate context reflects the Bank of England Monetary Policy Committee decision of 30 April 2026 to hold the base rate at 3.75%, the scheduled next decision on 18 June 2026, inflation of 3.3% in the year to March 2026 reported by the Office for National Statistics, and the Bank's April 2026 Monetary Policy Report.
