CoverMapCurrent average rates
| Deal type (75% LTV) | Average rate |
|---|---|
| 2-year fixed | 5.41% |
| 5-year fixed | 5.48% |
| 2-year variable | 4.35% |
| Standard Variable Rate (SVR) | 7.25% |
The "Big Six" lenders (the largest UK banks) tend to offer slightly better fixed rates than the market average — around 5.0–5.05% for both 2 and 5-year fixes at the same LTV.
Why the SVR matters
When a fixed or tracker deal ends, your mortgage automatically reverts to your lender's SVR unless you remortgage or switch to a new deal first — and the SVR is typically 2–3 percentage points higher than current fixed rates. Diarising your deal's end date and shopping around 3–6 months ahead is one of the simplest ways to avoid an expensive default.
2-year vs 5-year fixed
A 2-year fix gives you flexibility to reassess sooner if rates fall, but means remortgaging (and any associated fees) again sooner. A 5-year fix locks in payment certainty for longer, which suits people who value predictability over chasing rate movements — but can carry a bigger early repayment charge if your circumstances change.
Frequently Asked Questions
Will mortgage rates keep falling in 2026?
Most analysts expect a gradual decline through 2026 if the Bank of England continues cutting its base rate (3.75% as of July 2026), but this isn't guaranteed and depends on inflation and wider economic conditions.
Do first-time buyers get better rates?
Not automatically — your rate depends mainly on deposit size (loan-to-value), credit history and the lender's own criteria, not first-time-buyer status specifically, though some lenders do run first-time-buyer-specific schemes with incentives.