No. A 6% average five-year mortgage-rate headline does not mean every borrower—or even many mainstream borrowers—pays 6%. In a report published by Proactive on 6 October 2026, Shore Capital argued that the headline average can overstate rates on some mainstream lending because it includes products aimed at borrowers with higher loan-to-value (LTV) ratios or weaker credit. Its case is about how to interpret bank pricing, not a claim that mortgage costs or affordability pressures have eased.
What the 6% headline does—and does not—tell you
Proactive described Moneyfacts’ average UK five-year mortgage rate as having reached 6%. That figure is a market average, not a quoted rate for every product or a prediction of what a particular applicant will be offered. Shore Capital’s view, as reported by Proactive, was that the average is lifted by higher-LTV and weaker-credit products, while many mainstream borrowers may face lower rates. The original Shore Capital note and its full methodology were not available in the cited reporting, so this interpretation should be attributed to Shore Capital rather than treated as an independently established whole-market finding. Proactive’s report
Rightmove figures cited in the same report put its average five-year fixed rate at 5.53% and its lowest rate at 4.98%. Rightmove says its mortgage data is supplied by Podium Solutions and covers 95% of lending, excluding specialist lenders. That is broad coverage, but it does not mean the figures include every lender or describe an offer available to every borrower. Rightmove’s mortgage index information
Why a borrower’s rate can differ from the average
A rate comparison is meaningful only when the underlying deal characteristics match. The figures in Proactive’s report illustrate several factors that can change the price.
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- LTV: The loan size relative to the property value matters. A smaller deposit generally means a higher LTV; products at different LTV bands should not be treated as equivalent.
- Credit profile: A market average that includes products for weaker-credit borrowers may sit above rates available to some applicants with stronger profiles.
- Fees: An advertised rate can come with an upfront product fee. Comparing the rate alone can make a fee-bearing deal look cheaper than it is overall.
- Distribution channel: Shore Capital’s reported explanation is that directly originated mortgages can be priced more sharply than broker-originated business because they avoid intermediary costs.
- Fixed period and deal type: A five-year fixed rate is not comparable with a two-year fix, a tracker or a different product structure.
What Shore Capital’s Lloyds example shows
Shore Capital used Lloyds Banking Group to illustrate why bank pricing may be below the headline average. Proactive reported that Lloyds’ new-business LTV ratio was 66.9% in the first half. Shore Capital argued that this relatively low ratio should produce pricing materially below 6%; it is a reported interpretation of Lloyds’ lending mix, not a survey of every major bank’s completed mortgages.
The report also gives two different ways of illustrating Lloyds pricing. They should not be conflated: one is an estimated effective price based on a spread over swaps, and the other is a specific home-mover product rate with a fee.
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| Example | Reported figure | What to bear in mind |
|---|---|---|
| Estimated effective mortgage pricing | About 5.4%, based on a new-business completion spread of roughly 70 basis points over five-year swaps at around 4.7%. | This is Shore Capital’s calculation as reported by Proactive, not a universal Lloyds customer rate or a quoted product available to all applicants. |
| Five-year home-mover rate | 5.29% at 75% LTV, with a £999 fee. | Shore Capital estimated that the fee added about 10 basis points to the effective cost. The fee is part of the comparison, and eligibility and other product terms still matter. |
Proactive also reported Shore Capital’s assertion that no major bank was then pricing above 5.9%. This is a dated comparison in that report, not a current lender-by-lender ranking or a complete like-for-like table. Proactive’s report
Do not mix the five-year figures with two-year rates
Rightmove’s August 2026 update reported an average two-year fixed rate of 5.09%, up from 4.95% in July. Those are observations from a separate two-year-rate series, not evidence about the five-year average cited in October. Comparing them directly would confuse both the product term and the dates. Rightmove’s August 2026 mortgage update
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What this means for bank pressure and household affordability
Shore Capital’s argument challenges the inference that a 6% headline average maps directly onto mainstream bank lending. It does not establish that mortgage pricing is low, that all bank customers can obtain rates below 6%, or that higher borrowing costs are harmless. A rate that is lower than the headline average can still strain a household budget, and the available deal depends on the borrower, LTV, fees and distribution channel.
For anyone comparing offers, check the same fixed period and LTV band, confirm whether the rate is available for the relevant borrower profile and channel, and include fees when comparing the overall cost. The figures above describe the snapshot reported on 6 October 2026; mortgage rates change, so they should not be read as live quotes.
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