UK Mortgage Rates Today: 2-Year and 5-Year Fix Tracker

UK fixed mortgage rates rose sharply through March 2026 before easing slightly in April, leaving the average 2-year fix at 5.56 percent and the average 5-year fix at 5.54 percent according to Moneyfacts data on 24 April 2026. The rises were driven by the late February Middle East conflict that pushed swap rates higher and by the Bank of England's unanimous March hold at 3.75 percent, which delayed the rate cuts that lenders had been pricing in. Best-buy rates are lower than average rates: Halifax offers a 2-year fix at 4.64 percent (60 percent loan to value), Bank of Ireland leads remortgage 2-year fixes at 4.78 percent and Nationwide offers a 10-year fix at 5.14 percent. This live tracker page summarises current average and best rates, the swap rate environment and the practical implications for buyers and remortgagers.

Key figures at a glance

What are UK mortgage rates today

The average UK 2-year fixed-rate mortgage stood at 5.56 percent and the average 5-year fix at 5.54 percent on 24 April 2026, according to Moneyfacts UK Rate Watch. Both averages cover all loan-to-value bands and product types, weighted by lender visibility, and are higher than the rates available to borrowers with larger deposits.

Best-buy rates for a 60 percent loan-to-value purchase are around 1 percentage point lower. Halifax leads the 2-year fix table at 4.64 percent with a £1,099 fee, and Nationwide leads the 10-year fix at 5.14 percent with a £499 fee. Variable-rate mortgages are cheaper still on the headline rate: Halifax offers a tracker at 3.96 percent (£1,599 fee, 60 percent LTV), although the rate moves with Bank Rate.

Standard variable rates, the rate borrowers move on to when a fixed or tracker deal ends, average around 7.13 percent. That is a 1.5 to 2 percentage point premium over the best fixed deals, which is why almost all borrowers should remortgage rather than slip on to SVR.

Why have mortgage rates gone up in 2026

Mortgage rates rose sharply between late February and mid-April 2026 because swap rates rose sharply over the same period. Fixed-rate mortgages are priced from sterling interest rate swaps, which trade based on market expectations of future Bank Rate. The rise in swaps reflects three things working together.

First, the late February conflict in the Middle East drove up oil and gas prices, which in turn pushed UK CPI inflation up to 3.3 percent in March (from 3.0 percent in February) and pushed back the timing of expected Bank Rate cuts. Second, the Bank of England voted unanimously on 19 March to hold Bank Rate at 3.75 percent, removing the cut that markets had partially priced in.

Third, the Bank of England's April 2026 Financial Stability report estimated that 5.2 million UK households face higher mortgage payments by 2028 (up from a 3.9 million estimate before the conflict), reflecting the longer period of higher rates that lenders are now pricing in.

Should I fix for 2 years or 5 years

The 2-year and 5-year average fixes are very close at 5.56 and 5.54 percent respectively, the smallest gap in over a year. Best-buy rates show a similar narrow spread. Borrowers who expect rates to fall meaningfully over the next two to three years would still prefer the 2-year fix, accepting a slightly higher rate now for the option to remortgage to lower rates later.

Borrowers who want certainty over a longer horizon will prefer the 5-year fix, particularly if buying a first home and stretching affordability. The narrow spread means the cost of locking in for 5 years is unusually low. A 10-year fix at 5.14 percent makes sense for borrowers with a clear long-term plan and no expectation of moving.

The decision depends heavily on the loan-to-value band, fees, early repayment charges, overpayment allowances and the household's expected change in income. Speaking to a fee-free mortgage broker who covers the whole market is the most reliable way to find the best deal for a specific situation.

What about remortgages

Best-buy 2-year remortgage rates start from 4.78 percent (Bank of Ireland, £1,495 fee), which is around 0.14 percentage points higher than the equivalent purchase rate at the same loan-to-value. The premium reflects the slightly higher administrative costs and risk of remortgage business compared with purchase business.

Borrowers approaching the end of an existing fixed deal should start the remortgage process around six months before the end date. Most lenders allow customers to lock in a new rate up to six months in advance, with the option to switch to a better rate if one emerges before the new deal starts.

The Bank of England estimates 5.2 million UK households will face higher mortgage payments by 2028 as fixed deals taken out at lower rates expire. Although the scale of payment increases is described as modest by the Bank, the pressure on monthly budgets is real and starting the remortgage process early is the single most important step.

What does the next BoE decision mean for mortgage rates

The Monetary Policy Committee next decides Bank Rate at 12 noon on Thursday 30 April 2026. Markets are split between expecting a hold at 3.75 percent and a 0.25 percentage point cut to 3.50 percent. A cut would push swap rates lower and feed through into modestly lower fixed mortgage rates over the following weeks.

If Bank Rate is held, fixed mortgage rates are likely to remain close to current levels through May. A hold or cut probably matters less than what the MPC says about future cuts. A more dovish forward guidance, suggesting more cuts are likely later in 2026, would push swaps lower more than the headline decision.

Tracker mortgages move directly with Bank Rate. A cut would reduce monthly payments on a tracker by around £30 per £100,000 borrowed over a 25-year term. Standard variable rates also follow Bank Rate with a one to two month lag.

UK mortgage rates by product type, 24 April 2026

This article is for informational purposes only and does not constitute financial, legal, or immigration advice. Always verify with official sources before making decisions.

Frequently asked questions

What is the average UK mortgage rate today?

The average UK 2-year fixed-rate mortgage was 5.56 percent and the average 5-year fix was 5.54 percent on 24 April 2026, according to Moneyfacts UK Rate Watch.

What is the best mortgage rate available right now?

The best 2-year fixed-rate purchase mortgage at 60 percent LTV is Halifax at 4.64 percent with a £1,099 fee. The best 10-year fix is Nationwide at 5.14 percent with a £499 fee. Source: L&C, 24 April 2026.

Will UK mortgage rates fall in 2026?

Forecasters are split. The Bank of England held Bank Rate at 3.75 percent unanimously in March 2026. If the MPC cuts rates at the 30 April or June meetings, fixed mortgage rates would likely fall over the following weeks. If rates are held, mortgage rates are likely to stay close to current levels.

Should I fix my mortgage for 2 years or 5 years?

The 2-year and 5-year averages are close at 5.56 and 5.54 percent. Borrowers expecting rates to fall might prefer a 2-year fix for the option to remortgage. Borrowers wanting longer certainty will prefer a 5-year fix. A whole-of-market broker can match a borrower's circumstances to the best available product.

How does a tracker mortgage work?

A tracker mortgage rate is set at a fixed margin above Bank Rate. When Bank Rate moves, the tracker rate moves with it within one billing cycle. The current best 2-year tracker is Halifax at 3.96 percent, set at 0.21 percentage points above the current 3.75 percent Bank Rate.

When does the Bank of England next set Bank Rate?

The next MPC decision is at 12 noon on Thursday 30 April 2026. Subsequent 2026 meetings are 18 June, 6 August, 17 September, 5 November and 17 December.

What is the SVR and why should I avoid it?

The standard variable rate is the rate a lender moves a borrower onto when their fixed or tracker deal ends. The average SVR is around 7.13 percent in April 2026, which is 1.5 to 2 percentage points higher than the best fixed deals. Most borrowers should remortgage before their fixed deal ends rather than slip onto SVR.

Sources and verification

• Bank of England Bank Rate page
• Bank of England Financial Stability Report April 2026
• HomeOwners Alliance UK best mortgage rates
• HomeOwners Alliance mortgage rate predictions 2026
• Mortgage Finance Gazette weekly rate watch
• Uswitch UK mortgage rates today
• Bank of England Mortgage Interest Rate series, IUMTLMV