Bank of England quoted rates · May 2026

UK mortgage rates today

The average advertised rate across UK lenders for each fix period and loan-to-value band, published monthly by the Bank of England. Every deal is built on the 3.75% base rate plus a margin for funding cost, capital, and credit risk.

3.75%
Bank of England base rate: 4.92%
2-yr fix · 75% LTV: 4.80%
5-yr fix · 75% LTV: 6.60%
average SVR

Compiled byPlainMortgage Editorial, Editorial Team · May 31, 2026

The picture

The cheapest average deal is the 5-year fix at 4.80% (75% LTV); the SVR at 6.60% sits 2.8pp above base rate — the gap that makes letting a fix lapse so costly.

4.80%
cheapest (5-yr, 75% LTV): 4.88%
2-yr fix at 90% LTV: 6.60%
average SVR: 3.75%
Bank of England base rate

Source: Bank of England quoted household interest rates, May 2026.

5-yr · 75%

4.8
2-yr · 90%

4.88
2-yr · 75%

4.92
5-yr · 95%

5.24
2-yr · 95%

5.32
SVR

6.6

What this shows Five-year fixes are the cheapest way to borrow at 75% LTV right now; the standard variable rate is far above every fixed product, which is why remortgaging before a fix ends almost always pays.

The policy rate every UK mortgage is priced from · 3.75% since December 2025

Fixed-rate mortgages by LTV

A fixed-rate mortgage holds its rate for the fix length, then reverts to the lender's SVR unless you remortgage. Lower loan-to-value bands attract sharper rates because the lender's capital risk is lower.

LTV band	Fix length	Average rate	Margin over base
75% LTV	2-year fix	4.92%	+1.17pp
75% LTV	5-year fix	4.80%	+1.05pp
90% LTV	2-year fix	4.88%	+1.13pp
95% LTV	2-year fix	5.32%	+1.57pp
95% LTV	5-year fix	5.24%	+1.49pp

The standard variable rate (SVR)

The SVR is the rate you land on when a fix expires and you don't remortgage. It is set at the lender's discretion and currently averages 6.60% — about 2.8 percentage points above the 3.75% base rate, and far more than any fixed product here. Remortgaging in the months before a fix ends is almost always the cheaper move.

How UK mortgage rates are set

The Bank of England sets Bank Rate — the rate it pays commercial banks on reserves — and that is the floor under every lender's funding cost. From there each mortgage rate is built up as base rate plus the bank's swap-market funding cost, the regulatory capital it must hold against the loan, a credit-risk premium for the LTV band, and a profit margin.

Why fixed and variable rates move at different speeds

Trackers move within one billing cycle of every MPC decision because the contract says "Bank Rate + X". Fixed rates are priced off the swap curve, so they can move weeks ahead of the base rate when the market changes its rate expectations. The SVR is a managed rate the lender adjusts at its discretion, usually lagging base-rate moves.

Why higher LTV bands cost more

A 90% or 95% LTV deal costs more than a 75% one because a modest house-price fall could leave the loan under-secured, and because higher-LTV lending requires materially more regulatory capital — a cost passed straight through into the headline rate.

What to do with today's rates

The headline number is the start of the decision, not the end of it.

Run these rates against your own loan size and term in the calculator. Mortgage calculator
Compare a 2-year against a 5-year fix at your LTV before you commit. Compare products
See how today’s base rate compares with the last few years. Rate trends

Average quoted rate ≠ the rate you'll be offered; fees and your credit profile change the real cost.

According to the Bank of England and HM Land Registry — whose House Price Index is built from more than 1,000,000 registered property transactions a year — every rate shown here is loaded directly from official UK data published under the Open Government Licence, with the Financial Conduct Authority regulating the lenders that ultimately set each deal. Our methodology documents each source and its refresh cadence.