UK Mortgage Rates October 2026: What 5.93% Fixes Cost You

UK mortgage rates jumped again this autumn: according to Moneyfacts, the average two-year fixed rate rose from 5.59% to 5.93% and the average five-year fix from 5.63% to 5.95% between the start of September and the start of October 2026. With the Budget on 28 October and the next Bank of England decision on 5 November, a £200,000 repayment mortgage over 25 years now costs about £1,280 a month at the average two-year rate. Here is what that means for you, whether you need to act now, and how to make sure the new payment doesn't quietly break the rest of your budget.

What has happened to mortgage rates

Bank Rate has not moved since the Bank of England held it at 3.75% on 17 September 2026. Fixed mortgage rates have moved anyway, because lenders price fixes off swap rates, which follow what markets expect next. Moneyfacts links the volatility to the energy shock from the conflict in the Middle East that began in late February; as markets came to expect a rise in Bank Rate in November (a view strengthened when inflation rose to 3.5% in September), lenders repriced. Moneyfacts reports that the average mortgage deal now stays on sale for just 13 days before it is withdrawn or repriced, compared with 43 days in 2019.

In the week to 23 October, the picture was mixed: some lenders, including HSBC for existing customers, nudged rates up, while others made small cuts. In other words, the deal you see today may not be there in a fortnight.

Why fixes rise before Bank Rate does

It can feel unfair: the Bank of England hasn't raised rates, yet your remortgage quote is higher than it was in the summer. The reason is timing. A two-year or five-year fix is a promise from your lender about the future, so lenders price it on where they think rates will be over that period, not where Bank Rate sits today. When the outlook for inflation worsens, that expected path moves up, the lender's own funding cost for a fixed loan rises, and the new rate appears on comparison sites within days. The same works in reverse: if the Bank holds on 5 November and signals no further rises, fixed rates can drift down again before Bank Rate is cut. For a household, the practical lesson is simple: what matters is the rate you can secure on the day you apply, and how long the lender will hold it for you.

The payment table: what today's rates cost

Monthly repayments on a capital-and-interest mortgage over 25 years (our calculations). Your lender's figure will differ slightly with fees and exact terms.

£200,000 over 25 years: monthly payment by rate

The one-month jump from 5.59% to 5.93% alone adds about £41 a month on £200,000. The bigger shock is for anyone coming off a cheap older fix: moving from 2.0% to 5.93% adds about £432 a month, or roughly £5,190 a year. Moving from 4.5% adds about £168 a month, about £2,020 a year.

£432 a month is not a rounding error. It is a car payment, a food shop, or the buffer that keeps the rest of the household calm.

The rate is only half the problem

You can't control what the Bank of England does on 5 November. What you can control is what happens to the rest of your money once the new payment lands. That is where most households get caught: not by the mortgage itself, but by the knock-on effects. The buffer gets spent on the first higher payment. Irregular bills (car, insurance, annual subscriptions) arrive in the same month. Christmas lands six weeks later. And the stress makes it tempting to stop opening the banking app altogether, which is exactly when small problems become big ones.

So a remortgage year needs three things working together: a clear picture of the numbers, a buffer plan, and a way to stay calm enough to keep looking. Here is how our tools fit that job, from smallest to most complete.

Does this affect me? The decision table

If your fix ends in 2027, you are one of about 2.3 million households in the same position; we ran three illustrative households through the numbers in Remortgage 2027: your new payment, calculated.

The three dates to put in your diary

• 28 October – Autumn Budget. Chancellor John Healey delivers his first Budget. The government has indicated it will not raise the main rates of income tax, VAT or National Insurance, but other tax changes have been discussed. See our Autumn Budget household checklist.
• 29 October – Bank of England lending figures for September. A signal of how many people are borrowing and remortgaging.
• 5 November – Bank Rate decision. Our explainer on what a Bank of England rate rise means for your mortgage, savings and debt walks through each case.

For the full background on prices, read what September's 3.5% inflation costs your household, and for every money date to January, our UK money calendar.

Four steps this week

1. Find your end date. It is on your annual mortgage statement or in your lender's app. Write it down somewhere you will see it every month, not just in a drawer.
2. Get your real number. Ask your lender for a product transfer quote and compare it with a whole-of-market broker. Check fees, not just the rate: Moneyfacts notes the lowest rate is not always the best value.
3. Stress-test the budget. Run the new payment through a month of real spending before you sign, including irregular bills and December. The Money Dashboard in the Complete Collection is built for exactly this: budget vs. actual, an irregular-bills planner and your Calm Number on one screen.
4. Ask early if it doesn't fit. If you are worried about keeping up, contact your lender before you miss a payment. MoneyHelper and Citizens Advice offer free, impartial guidance.

If the headlines are keeping you up at night, talk to someone you trust, or a free debt adviser. You don't have to work this out alone.

FAQ

Are UK mortgage rates going up in November 2026?
Nobody knows for certain. Fixed rates already rose in September and October as markets priced in a possible Bank Rate rise on 5 November. If the Bank holds, some lenders may trim rates; if it raises, trackers rise straight away.

What is the average two-year fixed mortgage rate in the UK right now?
Moneyfacts put it at 5.93% at the start of October 2026 (5.96% on 15 October), up from 5.59% at the start of September.

Should I lock in a remortgage deal now?
That depends on your end date, fees and circumstances, so it is worth speaking to a broker or your lender. Many people secure a deal several months ahead and check before completion whether a cheaper one has appeared.

How do I budget for a higher mortgage payment?
Start with the real new figure, not an estimate, and put it next to every other regular and irregular bill for the next three months. Then decide how big a buffer you need and where it comes from. The Complete Collection walks you through all of it, from the spreadsheet to the 90-day plan.

Educational content only. Not personalised financial advice. The workbooks and tools help you organise and plan; they don't change your mortgage rate or replace advice from a broker or your lender.