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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsThe average rate on a new UK five-year fixed mortgage reached 6% on 5 October 2026, the highest since September 2023, according to Moneyfacts figures reported by BBC News. The reported average for new two-year fixes was 5.98%. These are market averages, not personal offers: the rate available to you depends on your circumstances and the deal you qualify for.
What does the 6% average mean?
Moneyfacts’ reported average covers new five-year fixed mortgage deals available in the UK on 5 October 2026. It does not mean every borrower will be offered 6%, nor that 6% is the rate on existing fixed mortgages. Individual offers can differ, and the report does not provide borrower-specific eligibility or a complete comparison of fees.
Fixed mortgage interest generally stays the same until the deal expires, commonly after two or five years. At that point, borrowers choose a replacement deal or move onto the lender’s applicable follow-on rate. The BBC report says the vast majority of homeowners and buyers use this kind of mortgage.
Why have five-year mortgage rates hit 6%?
The BBC report attributes recent repricing to higher lender wholesale funding costs, rising gilt yields and wider international economic uncertainty, including concerns about inflation, interest rates and government borrowing costs. Gilt yields influence the cost of longer-term government borrowing; the report says higher yields have fed through to mortgage pricing, rather than being the sole cause.
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Rachel Springall, finance expert at Moneyfacts, told the BBC: “Borrowers who were hoping mortgage rates would stabilise will be disappointed.” This describes the pressure reported at that time; it is not a prediction that rates will continue rising.
What has changed in the choice of fixed deals?
Moneyfacts figures reported by the BBC indicate that about 1,500 fixed-rate mortgage deals priced below 5% had disappeared from the market since the start of September 2026. The BBC’s account says this count excludes mortgages exclusive to Northern Ireland. It is a count of deals, not borrowers, and does not establish how many products remain available to any particular applicant.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
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- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
How much could my mortgage payments change?
The change depends on your outstanding balance, the time left on the mortgage, the rate and fees on the replacement deal, and when your current fixed rate ends. A borrower moving from a lower rate to a higher one may face a larger monthly payment, but the market averages alone cannot calculate an individual increase. The BBC report directs readers to use a mortgage calculator with their balance and remaining term.
When should I look for a new mortgage deal?
If your fixed deal is nearing expiry, start comparing options and seek advice rather than waiting until it ends. According to the BBC report, some lenders may let customers reserve a new rate three months ahead, while others may allow six months. Check the window and conditions with your lender; they vary.
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- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
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- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
- Ask your current lender what replacement rates and reservation dates it offers.
- Compare the total cost over the period you expect to keep the deal, including fees, not only the headline rate.
- Check whether early repayment charges or other conditions affect switching.
- Consider advice from a qualified mortgage adviser if you need help assessing suitable options.
Springall told the BBC that borrowers nearing the end of a fixed deal would be “wise to seek advice and compare deals carefully.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Should you choose a fixed or variable mortgage?
A fixed rate provides payment certainty on the interest rate until the deal expires. A variable or tracker rate can change with its reference rate, so payments may rise or fall. The right comparison depends on the full cost, your tolerance for payment changes, and the flexibility and charges attached to each option. The reported averages do not establish which type will be cheaper for an individual borrower.
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Rank #4
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
