If you’re planning to buy a home this year, you can stay up to date on the current mortgage rates available in the UK using our interest rate trackers below.
Lenders change the rates of their mortgage products regularly, so we keep track of the average mortgage rates, comparing how they’re changing over time.
To understand how the average UK mortgages rates impact your home moving plans, you can compare mortgage rates across a range of loan to value (LTV) percentages and fixed-term plans.
What’s happening with UK mortgage and interest rates in August 2026?
Since December, the Base Rate has been held at 3.75%. However, recent uncertainty in global politics, including the outbreak of war in the Middle East, has made financial markets more unpredictable.
As our property expert Colleen Babcock explains:
“There’s stability for now as the Bank of England holds its Base Rate as widely expected. We’ve seen average mortgage rates increase over the last few weeks as geopolitical tensions have escalated, and the average two-year fixed rate is currently coming it at 5.11%
“For broader context, this is up from 4.25% before the war in Iran started, but down from around 5.43% at the peak of tensions in April. For home-movers, rates remain elevated which continues to stretch affordability. However, while rates are high, they’re also relatively steady, which helps movers to plan and make decisions.
“Even relatively small changes in mortgage rates can have a noticeable impact on monthly repayments, particularly for first-time buyers, so any downwards movement in rates during the second half of this year would be very welcome.”
Read our guide on choosing a 2 or 5 year fixed rate mortgage.
These rates are provided by Podium and are an average based on 21 lenders’ rates, which equates to 95% of the mortgage market. We exclude some specialist lenders that may offer higher rates, such as to borrowers with poor credit histories. This is to ensure our average figures represent the majority of mortgage options.
Average monthly mortgage repayments by average house price
While it helps to stay on top of weekly average mortgage rates, it’s crucial to know how this affects your monthly mortgage payments and general affordability. To help you understand how these changes in rates affect your monthly payments, we’ve illustrated the average monthly mortgage repayments based on average house prices, average monthly interest rate and LTV.
Based on an average interest rate of 5.11%, the national average monthly mortgage payment is £1,870, based on the average asking price of a home being £372,359.
| LTV (loan-to-value) | Average house price (April 2026) | Average 2-year fixed mortgage rate | Monthly payments | |
|---|---|---|---|---|
| All | 80% | £372,359 | 5.11% | £1,761 |
| All | 75% | £372,359 | 5.11% | £1,651 |
| All | 60% | £372,359 | 5.11% | £1,320 |
| First-time buyer* | 90% | £226,120 | 5.11% | £1,203 |
| First-time buyer* | 80% | £226,120 | 5.11% | £1,069 |
and Podium data.
*First-time buyer homes includes all 2-bed properties and smaller that come to market (houses and flats).
Average monthly payments for first-time buyers
The typical first-time buyer property (excluding London) is £226,120. For someone taking out an average two-year fixed, 80% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,069 per month, if repaying over 25 years.
Check the current average Remortgage Rates here, and explore options with our Remortgage Calculator.
Please note: Your home may be repossessed if you do not keep up repayments on the mortgage. Rightmove is not to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions. Please seek advice from a regulated mortgage adviser.