UK Mortgage Rates by Region (2026)

A fixed rate stays the same for 2, 3, 5, or 10 years regardless of base rate changes. A variable rate (tracker or SVR) can go up or down. Fixed rates give payment certainty; variable rates can be cheaper initially but carry more risk.

Most lenders require at least 5–10% of the property value. A 10–15% deposit gets you better rates, and 25%+ unlocks the cheapest deals. First-time buyers may access government schemes with lower deposits.

You'll automatically move to your lender's standard variable rate (SVR), which is usually much higher. You should remortgage to a new deal 3–6 months before your fixed term ends to avoid overpaying.

Most fixed rate mortgages allow overpayments of up to 10% of the balance per year without penalty. Overpaying reduces your total interest and shortens the mortgage term. Check your specific terms for limits.

A whole-of-market mortgage broker can access deals from dozens of lenders, including exclusive rates not available directly. They do the comparison for you and handle the application. Many brokers charge no fee (they're paid by the lender).

A 5-year fixed rate mortgage provides stability in monthly payments, protecting you from interest rate increases for five years. This can help with budgeting and planning, especially in uncertain economic climates. However, it's essential to consider potential early repayment charges if you decide to move or remortgage before the term ends.

The Loan-to-Value (LTV) ratio is crucial as it determines how much you can borrow relative to the property's value. A lower LTV generally means better mortgage rates and terms. For example, lenders may offer more competitive rates for LTVs below 80%, while those above may incur higher costs or limited options.

Shared Ownership lets you buy a share of a property (25–75%) and pay rent on the rest to a housing association. You need a smaller deposit (typically 5% of your share, not the full price). Over time, you can buy additional shares — a process called staircasing. Household income must be under £80,000 (£90,000 in London).

ERCs are fees charged if you leave or overpay your mortgage during a fixed or discounted rate period. They typically range from 1–5% of the outstanding balance and decrease each year. To avoid ERCs, time your remortgage to coincide with the end of your fixed period — start looking 3–6 months before it expires.

Lenders assess whether you can afford repayments if interest rates rise. Since the Bank of England removed the mandatory 3 percentage point stress test buffer in 2022, each lender sets its own criteria — typically testing at 1–2% above the offered rate or at a fixed stress rate around 7–8%. This ensures responsible lending even in a rising rate environment.