UK Mortgage Rates: May 2026
Indicative UK mortgage rate bands by LTV as of May 2026, plus context on where rates are heading. Real lender pricing changes daily; this page is a snapshot. For a live quote, speak to a broker.
Updated 13 May 2026 · Bank of England base rate: 4.00%
Rates shown are indicative averages across major UK lenders. Your actual rate depends on credit profile, income type, property type, deposit source, and the lender's underwriting on the day. This guide is information only and not regulated mortgage advice. Your home may be repossessed if you do not keep up repayments on your mortgage.
Rates by LTV (May 2026, indicative)
| LTV | 2-yr fix | 5-yr fix | Tracker (BoE + margin) |
|---|---|---|---|
| 60% | 4.3% | 4% | 4.5% |
| 65% | 4.4% | 4.1% | 4.6% |
| 70% | 4.5% | 4.2% | 4.7% |
| 75% | 4.6% | 4.3% | 4.8% |
| 80% | 4.8% | 4.5% | 5% |
| 85% | 4.9% | 4.6% | 5.1% |
| 90% | 5.1% | 4.7% | 5.3% |
| 95% | 5.3% | 4.9% | 5.5% |
Standard Variable Rate (SVR) averages across major lenders: 7.5-8.5%. Always remortgage before your fix ends to avoid SVR.
Where rates have been (2022-2026)
- 2021: 5-year fixed at 75% LTV ~1.4% (the low point).
- Q4 2022: Mini-budget spike pushed 5-year fixes briefly above 6.5%.
- 2023: Rates moderated to around 5%-5.5% by year-end.
- 2024: Gradual descent through the 5% range as BoE held base rate at 5.25%.
- 2025: Two BoE cuts during the year took base rate to 4.5% by year-end; 5-year fixes settled in the mid-4% range.
- May 2026: Base rate 4.00%; 5-year fixes at 75% LTV averaging ~4.3%. Mortgage Guarantee Scheme permanent. Lloyds 98% LTV product launched.
Where rates may go (consensus, not certainty)
Market-implied forwards as of May 2026 suggest:
- Base rate ending 2026 around 3.5%.
- 5-year fixed rates declining slightly toward 4.0% if base rate cuts materialise.
- Two-year fixes more responsive to short-term rate moves; 5-year fixes will trail.
- Forecasts are unreliable. A 2-year fix lets you reset if rates fall faster; a 5-year fix locks payment certainty if they don't.
What drives your actual rate (not just LTV)
- LTV band - the biggest single factor; rates band in 5% LTV increments.
- Credit profile - clean credit gets advertised rates; adverse credit moves to specialist lenders.
- Income type - employed standard; self-employed, contractor, or director may pay a small premium if placement isn't optimal.
- Property type - non-standard construction, high-rise above 7 floors, ex-council, or unusual properties get fewer lender options.
- Product fee - fee-free products at higher rates often beat fee'd products at lower rates on shorter terms.
- Lender appetite on the day - lenders pull and re-launch products frequently; the rate available today may not be there tomorrow.
How to model the rate impact on your monthly payment
Use the repayment calculator to convert any rate into a monthly payment for your loan size and term. Try multiple LTV scenarios with the LTV calculator to see how a bigger deposit affects what you pay. The combination tells you whether saving an extra 5% deposit beats taking the higher-LTV product now.
What to do next
If you're within 6 months of a remortgage, start the process now to lock today's rate. If you're a first-time buyer ready to apply, match with a broker who can show you the live rate from each lender for your specific profile - usually a different (and better) number than the indicative figures here.
FAQs
Where are UK mortgage rates in May 2026?
Indicative averages as of May 2026: 5-year fixed at 75% LTV around 4.2-4.4%; 5-year fixed at 95% LTV around 4.8-5.0%; 2-year fixed at 75% LTV around 4.5-4.7%; tracker products around BoE + 0.7-1.5%. The Bank of England base rate sits at around 4%. Rates change daily - always check current offers or speak to a broker for live figures.
Will UK mortgage rates fall in 2026?
Market expectations as of May 2026 imply 1-2 BoE base rate cuts during the year, taking the base rate toward 3.5%. Fixed-rate products tend to anticipate base rate movements via swap rates, so fixed rates may fall ahead of base rate cuts. Forecasting is unreliable - the consistent advice is not to wait indefinitely for rates to fall but to remortgage when your current deal ends to avoid the SVR trap.
Should I take a 2-year or 5-year fixed rate in 2026?
Two-year fixes typically have lower starting rates than five-year fixes when the rate curve expects falls. Five-year fixes provide longer certainty but you pay a premium. In May 2026 the curve favours 2-year fixes for borrowers expecting further falls; 5-year fixes for those prioritising payment certainty regardless. A broker will model both against your timeline.
What rate can a first-time buyer get at 95% LTV?
Indicative 5-year fixed rates at 95% LTV in May 2026: around 4.8-5.0% from mainstream lenders participating in the Mortgage Guarantee Scheme. The Lloyds 98% LTV first-time buyer product (£5,000 flat deposit, launched 18 May 2026) prices around 5.3-5.5%. Specialist 95% LTV products outside the MGS sometimes offer better rates for specific applicant profiles.
Why are remortgage rates different from purchase rates?
Generally they aren't significantly different at the same LTV. The bigger driver is that remortgages often happen at a lower LTV than the original purchase (you've paid off some capital and the property has likely appreciated), so the remortgage rate band is better. Product transfers from your existing lender are sometimes priced 0.2-0.5% above what new customers get - which is why comparing the whole market via a broker matters.
Related
See your actual rate
Indicative rates are useful for ballparks. A broker will show you the live rate every UK lender will offer your specific profile - often materially better than the published averages.