If you’re considering buying a home, understanding the latest mortgage rates in the UK is essential.
How Are Mortgage Rates Changing?
Lenders frequently adjust their mortgage products, and we track these changes weekly to provide updated average rates and comparisons. This includes rates across various loan-to-value (LTV) percentages.
Current Trends in Mortgage and Interest Rates
The Bank of England (BoE) regularly reviews its Base Rate, which influences mortgage rates. On 7 November, the Base Rate was reduced to 4.75%, following a hold at 5% since August. Inflation, however, rose to 2.3% in October, exceeding the BoE’s target of 2%.
Average Fixed-Rate Mortgage Rates
Term
Average Rate
Weekly Change
Yearly Change
2-Year Fixed
5.08%
-0.01%
-0.41%
5-Year Fixed
4.85%
-0.01%
-0.22%
Updated: 06 Dec 2024
Lowest Fixed-Rate Mortgages
Term
Lowest Rate
Weekly Change
Yearly Change
2-Year Fixed
4.22%
+0.00%
-0.43%
5-Year Fixed
4.10%
-0.04%
-0.19%
Updated: 06 Dec 2024
Both tables reflect data from Podium, covering 95% of the mortgage market. Rates assume a product fee of approximately £999.
Current UK Mortgage Interest Rates by LTV
Below is a breakdown of average rates by deposit size:
For Deposits of 5-10%
LTV
Term
06 Dec 2024 Avg Rate
Weekly Change
Yearly Change
95%
2-Year Fixed
5.73%
+0.08%
-0.17%
95%
5-Year Fixed
5.35%
+0.02%
-0.13%
90%
2-Year Fixed
5.48%
+0.00%
-0.28%
90%
5-Year Fixed
5.08%
+0.01%
-0.14%
Updated: 06 Dec 2024
For Deposits of 15-25%
LTV
Term
06 Dec 2024 Avg Rate
Weekly Change
Yearly Change
85%
2-Year Fixed
5.08%
-0.02%
-0.53%
85%
5-Year Fixed
4.87%
+0.01%
-0.29%
75%
2-Year Fixed
4.86%
-0.01%
-0.45%
75%
5-Year Fixed
4.73%
-0.01%
-0.26%
Updated: 06 Dec 2024
For Deposits of 15-25%
LTV
Term
06 Dec 2024 Avg Rate
Weekly Change
Yearly Change
60%
2-Year Fixed
4.37%
-0.01%
-0.49%
60%
5-Year Fixed
4.29%
-0.03%
-0.17%
Updated: 06 Dec 2024
When Could Mortgage Rates Drop?
The Base Rate is expected to remain at 4.75% in December, with further reductions likely in 2025. By Autumn 2025, it could fall to around 4%, but this depends on inflation, swap rates, and overall economic stability.
Monthly Repayment Examples
For an average first-time buyer property priced at £225,340, a 5-year fixed mortgage at 85% LTV over 25 years equates to £1,104 per month, down from £1,138 a year ago.
Mortgage Borrowing and Loan-to-Value (LTV)
The amount you can borrow is influenced by affordability checks and your deposit size. LTV reflects the mortgage’s percentage of the home’s value—larger deposits reduce the LTV and may result in better rates.
Tools for Planning
Use a Mortgage Calculator to estimate borrowing potential or apply for a Mortgage in Principle to better understand your options.
Disclaimer: Your home may be repossessed if you do not keep up with mortgage repayments. Seek advice from a regulated mortgage adviser. Rightmove does not offer financial advice.
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