This hub tracks UK mortgage rates and the Bank of England decisions that move them. It covers the average two-year and five-year fixed rates, the current Bank Rate, what the next Monetary Policy Committee meeting is expected to do, and what a 0.25 percentage point change actually means for a typical mortgage repayment. Primary sources: Bank of England MPC publications, Bank Rate database, and the daily best-buy trackers from HomeOwners Alliance, Rightmove, Uswitch, and Which?.

Current Bank Rate

The Bank of England Bank Rate is 3.75%. The Monetary Policy Committee voted unanimously on 19 March 2026 to hold the rate at 3.75%, the second consecutive unchanged decision. The next MPC decision is on Thursday 30 April 2026, with the announcement at 12:00 BST.

Average fixed mortgage rates

As of late April 2026, average new-business fixed mortgage rates are running:

  • Two-year fixed: around 5.5 to 5.8% on a typical 75% loan-to-value deal.
  • Five-year fixed: around 5.5 to 5.7% on a typical 75% loan-to-value deal.
  • Two-year fixed rates have risen sharply from around 4.25% before the late-February 2026 outbreak of the Iran conflict. The increase has added approximately £235 a month to a typical new mortgage on a £200,000 25-year term.

Best-buy rates for borrowers with larger deposits and clean credit can run noticeably below those averages. Rates for high loan-to-value borrowers (90% and 95%) sit above them.

What the 30 April MPC decision could mean for repayments

The MPC has three options on 30 April: hold at 3.75%, cut to 3.50%, or raise. Most market expectations sit on a hold, with Oxford Economics calling the Bank to keep rates at 3.75% for the rest of 2026 and into 2027. A minority of forecasters expect a cut later in the year if headline CPI eases.

For a typical £200,000 mortgage on a 25-year term:

  • 0.25 point rate cut on a variable or tracker deal: roughly £25 a month off, or £300 a year.
  • 0.25 point rate hold: no change on variable or tracker repayments, but priced expectations may move new fixed rates.
  • 0.25 point rate rise: roughly £25 a month on, or £300 a year, on variable or tracker.

Fixed-rate borrowers already locked in see no immediate change. New fixed deals reprice on what the market expects the Bank to do over the next two to five years, not the live cash rate, so swap-rate movements move new fixed pricing before any MPC decision.

If you are remortgaging this year

About 1.6 million UK fixed-rate mortgages come up for renewal in 2026 (UK Finance figure). Households rolling off pre-2022 fixed deals at 2 to 3% are repricing into the 5 to 6% range, which on a typical mortgage adds £200 to £400 a month. Steps a borrower can take in the run-up:

  • Lock in a new rate up to six months before your current deal ends. Most lenders allow this and most fixed offers can be cancelled if rates fall before the new deal starts.
  • Use a whole-of-market broker if your case is non-standard (self-employed income, high loan-to-value, complex employment).
  • Consider a two-year deal if you expect rates to fall, or a five-year deal if you want certainty and rates do not move much.
  • Check whether overpaying within your existing deal's allowance (typically 10% of the balance per year) before switching reduces the loan-to-value band you remortgage into.

Where to check the live numbers