With mortgage lenders cutting rates as a mini-price war breaks out, we look at what’s happening with the best mortgage rates in the UK. Read on for the best mortgage rates currently available, best remortgaging deals, best 5 year fixed rate, Buy To Let mortgage deals, green mortgage deals and more.
Mortgage rates are down this month as lenders have been cutting rates on fixed deals amid a mini-price war. Many lenders are now offering mortgage rates on fixed deals under 4%, although the lowest rates are for those buying properties rather than remortgaging and for those with the biggest deposits.
These mortgage rate reductions come as more frequent interest rates cuts by the Bank of England are expected this year, amid global economic turmoil. Read more in our guide on mortgage rate predictions. However, noone knows whether mortgage rates will drop further or how long these current deals will be around for.
So it’s more important than ever to shop around for the best mortgage deal. If you’re remortgaging, you can do this up to 6 months in advance – and you should certainly do it by 3 months before your current deal ends. You can apply for a mortgage and lock in a rate then keep it under review with L&C’s Rate Check service to make sure you don’t miss out on a better mortgage rate before you need to switch. Get in touch online or on the phone today to kick things off.
If you’re a first time buyer, the chances are you’ll want to look for mortgage products better suited to you. Read our Best first time buyers mortgage rates guide – we bring you the best current mortgage rates in the UK whatever your deposit size, from 0% to 40%.
Get fee-free remortgage advice from our partners at L&C. Use the online remortgage finder or speak to an advisor today.
The best mortgage rates often depend on your LTV (loan to value ratio). The size of your mortgage in relation to the value of the property you’re buying or remortgaging.
With mortgage rates under 4% available on a 2 year fixed rate mortgages again, mortgage rates are down this month compared to last month when Halifax offered a 2 year fixed rate mortgage at 4.06% for purchases and Santander offered a rate of 4.12% for remortgages.
It’s a similar picture for 3 year fixed rate mortgages with the best rates available back under 4%. By comparison, the best rates on a 3 year fixed rate mortgage last month were from Halifax at 4.06% for purchases and First Direct at 4.09% for remortgages.
It’s a similar picture for 5 year fixed rate mortgages. By comparison, last month Barclays’ Green Home 5 year fixed rate mortgage was the lowest rate on offer for those eligible, although at a higher rate of 3.96%. While Barclays offered a 5 year rate of 4.06% for purchases and First Direct offered a rate of 3.99% for remortgages.
The best rates on 10 year fixed rate mortgages remain the same as last month for purchases while the best rate on remortgages is slightly better than last month when Santander offered a rate of 4.60%.
The best mortgage rates on a variable rate mortgage is the same as last month. But bear in mind, the rate you’ll pay on a variable rate mortgage can go up or down.
With Buy to Let mortgage rates, the best rate on fixed rate mortgages is down this month compared to last month when West One offered a 2 year fixed rate mortgage at 2.29%. But bear in mind West One charges huge scheme fees so make sure you get advice from a fee-free broker to find the best deal overall.
The best rates on variable Buy to let mortgage rates remain the same this month. However, bear in mind that the rate you’ll pay on a variable rate mortgage can go up or down.
For more information on your Buy to Let mortgage options, read our guide on the Best Buy to Let mortgage rates, Buy to Let mortgages explained and Remortgaging your Buy to Let.
Looking for a green mortgage? Barclays offers a 5 year fixed rate mortgage at 3.83%. Max LTV 60%, fees £899, free basic valuation. This is available for those buying a new build property directly from the builder or developer that has an Energy Efficiency rating of 81 or above, or has an Energy Performance Certificate (EPC) rating of A or B.
Yes. If your current mortgage deal ends in the next 6 months, and certainly if it ends in the next 3 months, you should start the remortgage process now to secure a rate. You can then use L&C’s Rate Check service to keep the rate under review in case a better rate comes up before you need to switch.
Being ready with your next move before your current deal comes to an end also means you’ll avoid your mortgage rolling onto your lender’s Standard Variable Rate which are averaging an eye-watering 7.60%. Read our guide Should I remortgage now?
Mortgage rates are expected to come down in 2025 due to the expectation that interest rates will continue to be cut this year.
But it’s very difficult to make an accurate mortgage rate forecast as this depends on numerous factors. And even if this prediction is correct and mortgage rates end the year lower than they started, there’s no guarantee rates go down in a uniform fashion over the year – there could be peaks and troughs along the way.
On 26 April 2025, the average 2 year fixed mortgage rate at 60% LTV was 4.11%, while the average 5 year fixed mortgage rate at 60% LTV was 4.15%, according to figures from Rightmove.
The average standard variable rate in May 2025 is 7.60%. The standard variable rate is the default rate you’ll roll onto when your mortgage deal ends. But SVRs vary widely by lender. For example Newcastle Building Society’s SVR is currently 6.75% while Aldermore’s SVR is 9.03%. Read more in our guide Should you ditch your Standard Variable Rate mortgage?
So while the best mortgage rates on offer this month may seem high compared to what has been available in recent years, your lender’s Standard Variable Rate (SVR) could be significantly higher.
If your current mortgage deal ends in the next six months you should act now to find the best mortgage deal. When it comes to finding the best mortgage rates this month, here’s our advice:
Take a look at today’s best rates from lenders and get an overview of mortgage options now
provided by L&C
| Provider | Rate (ARPC) | Type |
|---|---|---|
 | 3.89% (6.4%) | Fixed to 31/08/27 |
 | 3.93% (7.0%) | Fixed to 31/07/27 |
 | 3.96% (6.2%) | Fixed to 30/06/27 |
 | 3.98% (6.4%) | Fixed to 02/08/27 |
| 3.98% (7.0%) | Fixed to 31/07/27 |
provided by L&C
| Provider | Rate (ARPC) | Type |
|---|---|---|
 | 1.69% (8.8%) | Fixed for 2 years |
| 1.79% (8.8%) | Fixed for 2 years |
 | 2.35% (8.7%) | Fixed for 2 years |
| 2.49% (8.7%) | Fixed for 2 years |
| 2.61% (8.7%) | Fixed for 2 years |
Your home or property may be repossessed if you do not keep up the repayments on your mortgage.
A mortgage of £225,134 payable over 24 years, initially on a fixed rate until 30/09/26 at 4.88% and then on a variable rate of 6.99% for the remaining 22 years would require 26 payments of £1328.29 followed by 262 payments of £1,593.54. The total amount payable would be £453,042 made up of the loan amount plus interest (£226,909) and fees (£999). The overall cost for comparison is 6.8% APRC representative.
The easiest way to do this is to use L&C’s Rate Check service – this free service has saved customers nearly £27 million this year to date. Plus, L&C are fee-free, unlike many brokers which charge fees that can amount to thousands of pounds. So you may save even more. When you’re considering your remortgage options, while the mortgage rates is obviously a key factor, when you’re looking at the best mortgage rates remember to look at the whole picture including any mortgage fees. But don’t worry, a fee-free mortgage broker will do the calculations for you to find the best mortgage deals available.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
This depends on what type of mortgage you have.
| Mortgage type | What happens if the base rate changes |
|---|---|
| Tracker mortgage | An increase to the base rate means your monthly mortgage payments will increase. And if the base rate decreases, so will your mortgage payments |
| Discount rate mortgages | Your rate is a discount on the lender’s own standard variable rate (SVR). If the base rate changes, your lender can decide whether to pass on any or all of the increase/ decrease. |
| Fixed rate mortgage | Nothing. You will only see a change in your repayments when your fixed term ends. |
| Standard variable rate | Your lender sets the amount you pay. If the base rate changes the lender can decide whether to pass on any or all of the increase/ decrease. These mortgages can be extremely expensive. |
Mortgage rates are the rate of interest charged by a mortgage lender (bank or building society). The interest is charged by the lender as compensation for the money they have lent them in order to purchase a property.
Interest rates are determined by the lender in most cases, and can be either fixed (ie remain the same for the term of the mortgage) or variable (where they fluctuate with a benchmark interest rate). Before you compare mortgages, you need to understand the different types. For more information see what type of mortgage should I get?
The best mortgage deals are not only about the best mortgage rates, you need to consider whether the mortgage term is right for you, arrangement fees and more.
To get a better idea of the best mortgage for you and the cheapest mortgage rates in the UK, use the online mortgage service provided by fee-free mortgage brokers L&C.
L&C can find the best mortgage rates for you over the phone, or you can do it yourself in real-time online. Whichever you choose they can help search the market to find you the best mortgage deals available, see if you qualify and even help you apply online, doing all the legwork to get you your mortgage offer.
Here’s a selection of practical gadgets and tools to help keep things simple.
It’s possible to get a mortgage without a deposit, for example Skipton Building Society offers 100% mortgages for people with a proven ‘track record’ of paying their rent. But by saving a deposit of at least 5% and ideally at least 10% you’ll have access to more lenders and usually better mortgage rates too.
While the best mortgage rates are usually reserved for people with a deposit of at least 40%. This may be a cash deposit if you’re buying your first home or this could be equity in your home if you’re remortgaging.
Here’s how much you’d pay each month if you took out a £200,000 mortgage over 30 years, comparing the best rate on a 2 year fix if you have a 40% deposit in May 2025 to the best rate on a 2 year fix if have a 10% deposit.
| Mortgage amount | Deposit amount | Mortgage rate | Monthly mortgage payment during initial term |
|---|---|---|---|
| £200,000 | 40% | 3.88% | £941 |
| £200,000 | 10% | 4.58% | £1,023 |
However, these examples only take into account the mortgage rate, not any fees you may pay like arrangement fees. To get a better understanding of the overall costs, speak to a mortgage broker who will crunch the numbers for you.
Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.
A mortgage application usually takes two to four weeks to process. However, factors including how busy the lender is, how straightforward your circumstances are and how quickly you respond to any requests can influence how long it takes for a mortgage to be approved. Find more information in our guide How long does it take to get a mortgage?
If you’re remortgaging in 2025, whether or not you’ll pay more on your new mortgage depends on the rate you’re paying on your current mortgage deal. If you’re coming off a cheap fix in 2025, it’s likely that you’ll pay more when you remortgage this year. But if you don’t remortgage and end up rolling onto your lender’s standard variable rate you could end up paying significantly more.
However, if your current mortgage deal is ending soon and you took it out when mortgage rates were higher than they are now, it’s likely that you’ll be able to save by remortgaging.
When you’re looking for the best mortgage deal, there’s more to consider than just the best mortgage rates. You’ll also need to factor in any mortgage fees like arrangement fees to make sure you get the best deal overall. But you don’t need to work this out yourself, a fee-free mortgage broker will crunch the numbers for you and find you the best mortgage deal for you.
Unless you’re likely to need to move within the next few years, a five-year deal can make good sense because you’ll have certainty over your payments for the next five years. But it could mean you miss out on better deals in the next few years. It’s a good idea to chat through your options with a fee-free mortgage broker – they’ll explain the best mortgage rates available too.
On 26 April 2025, the current average mortgage interest rate on a 2 year fixed rate mortgage at 60% LTV was 4.11%. In comparison, the best rate on a 2 year fixed rate mortgage in May 2025 is NatWest’s 2 year fix at 3.88% (Max LTV 60%, fee £1,495). Although this is only available for purchases.
If you’re looking at the current best mortgage rates in the UK, choosing between a fixed and variable deal can be a tough decision. Read our guide on Understanding mortgage types and what one you need.
To check when your current fixed rate mortgage finishes, you’ll need to read the Terms and Conditions or contact your lender. Say, for example, you took out a two year fix two years ago, your current deal could be due to end soon. Unless you want to go onto your lender’s standard variable rate, you will need to remortgage to a new deal. Some lenders will allow you to lock into a new offer between three and six months before your current deal ends. So make a note to start looking at the best mortgage rates available to you well in advance.
Choosing the right estate agent is vital. Make the right choice and you may sell faster, at a higher price and for a lower fee. To help you do this, we’ve designed the Best Estate Agent Finder tool. It allows you to compare fees, the average time to sell a property like yours, how often they achieve the asking price and how successful they are at selling similar homes. And you should probably take a look at the online agent route as well which includes firms like Purplebricks who say they can sell your house for less commission than the high street. Check out our online estate agent comparison table.
You can’t make a full mortgage application until you’ve had an offer accepted on a house but you can get a ‘mortgage in principle‘ before finding a house. In fact, it will demonstrate to estate agent’s you’re a serious buyer.
The good news is, with our partners at L&C, you can get a personalised Decision in Principle in just a matter of minutes. And unlike some other lenders, it won’t impact your credit score. There’s no obligation to proceed with the deal they find you, but it gives you a good indication of how much you can borrow.
When you remortgage the lender carries out a mortgage valuation. But how do you know that paper based survey is accurate? It’s a good idea to also get your own online instant house valuation for free, and then if you’ve had work done to your home an estate agents valuation too. See how to value my property before remortgaging for more information.
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice. Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. If you complete on a mortgage through L&C, L&C will be paid a commission by the chosen lender. L&C will share a percentage of this commission with HomeOwners Alliance, the referring third party. The commission L&C receives doesn’t affect the product or rate recommended to you.
