On this page
- 2 year fixed, 5% deposit
- 5.7%
- 2 year fixed, 25% deposit
- 5.13%
- a month on the middle new build with 5% down
- £2,205
- a month more than with 25% down
- £571
The latest Bank Rate decision
On 5 November 2026 the Bank of England's Monetary Policy Committee raised Bank Rate by 0.25 points, from 3.75% to 4%. In the Bank's words: "Energy prices have stayed high and volatile due to conflict in the Middle East. Inflation is expected to reach about 5% by mid-2027."
It was the first rise in Bank Rate since August 2023.
Source: Bank of England, Bank Rate and quoted household interest rates (Bankstats), via HomePortfolio, read 12 November 2026.
Show the figures
| Month | Bank Rate | 2 year fixed, 25% deposit |
|---|---|---|
| January 2016 | 0.5% | 1.93% |
| April 2016 | 0.5% | 1.84% |
| July 2016 | 0.5% | 1.72% |
| October 2016 | 0.25% | 1.52% |
| January 2017 | 0.25% | 1.45% |
| April 2017 | 0.25% | 1.35% |
| July 2017 | 0.25% | 1.41% |
| October 2017 | 0.25% | 1.55% |
| January 2018 | 0.5% | 1.54% |
| April 2018 | 0.5% | 1.72% |
| July 2018 | 0.5% | 1.75% |
| October 2018 | 0.75% | 1.8% |
| January 2019 | 0.75% | 1.72% |
| April 2019 | 0.75% | 1.66% |
| July 2019 | 0.75% | 1.61% |
| October 2019 | 0.75% | 1.47% |
| January 2020 | 0.75% | 1.41% |
| April 2020 | 0.1% | 1.38% |
| July 2020 | 0.1% | 1.45% |
| October 2020 | 0.1% | 1.94% |
| January 2021 | 0.1% | 1.75% |
| April 2021 | 0.1% | 1.49% |
| July 2021 | 0.1% | 1.29% |
| October 2021 | 0.1% | 1.29% |
| January 2022 | 0.25% | 1.64% |
| April 2022 | 0.75% | 2.35% |
| July 2022 | 1.25% | 3.48% |
| October 2022 | 2.25% | 5.99% |
| January 2023 | 3.5% | 5.14% |
| April 2023 | 4.25% | 4.6% |
| July 2023 | 5% | 6.22% |
| October 2023 | 5.25% | 5.6% |
| January 2024 | 5.25% | 4.71% |
| April 2024 | 5.25% | 4.98% |
| July 2024 | 5.25% | 4.99% |
| October 2024 | 5% | 4.4% |
| January 2025 | 4.75% | 4.63% |
| April 2025 | 4.5% | 4.42% |
| July 2025 | 4.25% | 4.21% |
| October 2025 | 4% | 4.2% |
| January 2026 | 3.75% | 3.93% |
| April 2026 | 3.75% | 5.14% |
| July 2026 | 3.75% | 4.79% |
| November 2026 | 4% |
The quoted rates on this page are the Bank of England's figures for September 2026, the latest month it has published, so they come from before the decision. A tracker mortgage follows Bank Rate, so its rate moves with it, and lenders' standard variable rates often do too: the tracker rates lenders publish today show each one's margin over Bank Rate. A fixed rate stays the same until the fix ends. New fixed rates are priced on where lenders expect Bank Rate to go, so they can move ahead of a decision or after it.
On the middle new build asking price in England, £399,995, with a 10% deposit, a rate 0.25 points higher costs about £56 more a month over 30 years. The next decision is due on 17 December 2026, and the Bank of England's Bank Rate page gives the rate in force. Our article asking are mortgage rates going down tracks how every quoted rate has moved since.
The Bank of England's average rates, by deposit
The most reliable picture of mortgage rates in the UK is the Bank of England's own: every month the Bank of England publishes the average interest rate lenders quote for new fixed-rate mortgages, at each loan to value: the share of the price the mortgage covers. A 5% deposit means a 95% loan to value, a 10% deposit 90%, and so on. These are the rates for September 2026, the latest month published:
Source: Bank of England, quoted household interest rates (Bankstats G1.3), via HomePortfolio, read 12 November 2026.
Show the figures
| Loan to value | Deposit | 2 year fixed | 5 year fixed |
|---|---|---|---|
| 95% | 5% | 5.7% | 5.54% |
| 90% | 10% | 5.37% | 5.17% |
| 85% | 15% | 5.26% | |
| 75% | 25% | 5.13% | 4.98% |
| 60% | 40% | 5.01% | 4.84% |
A 2 year fix at 95% loan to value was quoted at 5.7%, against 5.37% at 90%, 5.13% at 75% and 5.01% at 60%. For a 5 year fix the rates were 5.54% at 95% and 4.98% at 75%. Each lender's own 2 year fixed and 5 year fixed deals today sit beside these averages on the comparison.
Lenders price in bands of loan to value, so the rate falls as you cross each line, such as 90%, 85%, 75% and 60%. A deposit just short of a line costs the higher rate, which is why a little more saved can be worth more than it looks.
These are averages across lenders. For each lender's own deals today, with their fees and what each costs over the fix, the mortgage rates comparison reads the lenders' published rates every night, and shows only deals that lend on new builds.
Since 2016
The quoted 2 year fixed rate at each loan to value, month by month since January 2016:
Source: Bank of England, quoted household interest rates (Bankstats G1.3), via HomePortfolio, read 12 November 2026.
Show the figures
| Month | 5% deposit | 10% deposit | 25% deposit | 40% deposit |
|---|---|---|---|---|
| January 2016 | 3.95% | 2.85% | 1.93% | 1.7% |
| April 2016 | 3.92% | 2.71% | 1.84% | 1.67% |
| July 2016 | 3.85% | 2.57% | 1.72% | 1.73% |
| October 2016 | 3.73% | 2.42% | 1.52% | 1.38% |
| January 2017 | 3.62% | 2.5% | 1.45% | 1.33% |
| April 2017 | 4.04% | 2.43% | 1.35% | 1.24% |
| July 2017 | 4.07% | 2.37% | 1.41% | 1.23% |
| October 2017 | 4.02% | 2.36% | 1.55% | 1.44% |
| January 2018 | 3.82% | 2.17% | 1.54% | 1.42% |
| April 2018 | 3.9% | 2.36% | 1.72% | 1.73% |
| July 2018 | 3.78% | 2.3% | 1.75% | 1.73% |
| October 2018 | 3.33% | 2.27% | 1.8% | 1.64% |
| January 2019 | 3.04% | 2.23% | 1.72% | 1.65% |
| April 2019 | 2.92% | 2.15% | 1.66% | 1.6% |
| July 2019 | 2.96% | 2.15% | 1.61% | 1.49% |
| October 2019 | 2.99% | 2.07% | 1.47% | 1.31% |
| January 2020 | 3.02% | 2.05% | 1.41% | 1.3% |
| April 2020 | 3.07% | 1.89% | 1.38% | 1.32% |
| July 2020 | 2.58% | 2.5% | 1.45% | 1.32% |
| October 2020 | 4.13% | 3.52% | 1.94% | 1.49% |
| January 2021 | 4.16% | 3.63% | 1.75% | 1.33% |
| April 2021 | 4.01% | 3.38% | 1.49% | 1.24% |
| July 2021 | 3.53% | 2.79% | 1.29% | 1.16% |
| October 2021 | 2.98% | 2.04% | 1.29% | 1.13% |
| January 2022 | 2.73% | 1.95% | 1.64% | 1.42% |
| April 2022 | 2.95% | 2.58% | 2.35% | 2.25% |
| July 2022 | 3.96% | 3.69% | 3.48% | 3.43% |
| October 2022 | 6.42% | 6.2% | 5.99% | 5.94% |
| January 2023 | 6.02% | 5.66% | 5.14% | 5.01% |
| April 2023 | 5.65% | 5.07% | 4.6% | 4.53% |
| July 2023 | 6.88% | 6.49% | 6.22% | 6.22% |
| October 2023 | 6.6% | 6.06% | 5.6% | 5.52% |
| January 2024 | 5.87% | 5.44% | 4.71% | 4.62% |
| April 2024 | 5.87% | 5.47% | 4.98% | 4.86% |
| July 2024 | 5.97% | 5.61% | 4.99% | 4.8% |
| October 2024 | 5.61% | 5.3% | 4.4% | 4.19% |
| January 2025 | 5.69% | 5.35% | 4.63% | 4.48% |
| April 2025 | 5.29% | 4.96% | 4.42% | 4.23% |
| July 2025 | 5.05% | 4.62% | 4.21% | 4.02% |
| October 2025 | 5% | 4.57% | 4.2% | 4.03% |
| January 2026 | 4.8% | 4.36% | 3.93% | 3.72% |
| April 2026 | 5.8% | 5.46% | 5.14% | 4.97% |
| July 2026 | 5.48% | 5.07% | 4.79% | 4.6% |
| September 2026 | 5.7% | 5.37% | 5.13% | 5.01% |
At 90% loan to value the rate has run from 1.89% in April 2020 to 6.57% in August 2023. In September 2026 it was 5.37%.
The lines move together because they follow the same underlying costs: Bank Rate and the rates lenders pay to fund fixed-rate loans. The gap between them is the extra a lender charges for the risk of lending more of the price. Our article asking are mortgage rates going down shows how each rate moved over the last three and twelve months, beside Bank Rate.
What each deposit costs a month
What a 2 year fixed rate repayment mortgage costs a month on the middle new build asking price in England, £399,995, at each loan to value the Bank quotes, over 30 years:
Source: Bank of England, quoted household interest rates (Bankstats G1.3), via HomePortfolio, read 12 November 2026. Price: NewHomeSearch listings: every new home for sale in England.
Show the figures
| Deposit | Loan | Rate | A month |
|---|---|---|---|
| 5% (£20,000) | £379,995 | 5.7% | £2,205 |
| 10% (£40,000) | £359,996 | 5.37% | £2,015 |
| 15% (£59,999) | £339,996 | 5.26% | £1,880 |
| 25% (£99,999) | £299,996 | 5.13% | £1,634 |
| 40% (£159,998) | £239,997 | 5.01% | £1,290 |
With a 5% deposit the payment is £2,205 a month; with 10% it is £2,015, and with 25% it is £1,634, £571 a month less than with 5%. Part of the saving is the smaller loan and part the lower rate.
A longer term lowers the payment and raises the interest paid in all; a shorter term does the opposite. The mortgage calculator works out the repayment on any loan and term at the lowest rates lenders publish today, and the mortgage affordability calculator how much your income could borrow and the new homes it reaches.
People also ask
What are UK mortgage rates today?
In September 2026, the latest month the Bank of England has published, its average quoted 2 year fixed rate was 5.13% with a 25% deposit and 5.7% with 5%; 5 year fixes were 4.98% and 5.54%.
Should I fix for 2 or 5 years?
It depends on what rates do next, which nobody knows, and on your plans. In September 2026 the quoted 2 year fixed rate at 90% loan to value was 5.37% and the 5 year rate 5.17%. NewHomeSearch does not give mortgage advice.
Will interest rates go back to 3%?
Nobody can say, and we make no forecast. Since 2016 the quoted 2 year fixed rate at 90% loan to value has been as low as 1.89% (April 2020) and as high as 6.57% (August 2023).
Fixed for 2 years or 5?
A 5 year fix is quoted at 5.17% at 90% loan to value, against 5.37% for a 2 year fix. Which is better depends on what rates do next, which nobody knows, and on your plans: a 5 year fix gives a steady payment for longer, while a 2 year fix leaves you free to move or remortgage sooner. Many fixed-rate mortgages charge a fee to leave early, which the remortgage calculator weighs against what a new deal saves.
A small deposit
The Bank of England publishes no separate rate for first-time buyers: its quoted rates are by loan to value, and first-time buyers more often have a small deposit. With a 5% deposit the quoted 2 year fixed rate was 5.7%, and with 10% 5.37%. Our article on the 5% deposit mortgage shows what a 95% loan costs and which homes it reaches, and the comparison lists the deals lenders publish for first-time buyers.
What this means for a new build buyer
A new build is often bought months before it is finished, so the rate you are offered when you reserve may not be the rate you complete at. A mortgage offer lasts for a set time, so ask your lender or adviser how long it lasts and whether it can be extended, and check the builder's completion date against it. Our guide to new build mortgages explains offer expiry and the other differences, and the comparison's new build mortgage rates show only the deals that lend on a new home.
Some builders offer to pay part of your mortgage costs, as a mortgage contribution or by paying a lender to lower your rate for a time. The offer comparison tool shows what such an offer is worth against money off the price.
Saving a bigger deposit
On the middle new build price, every 5% of deposit is about £20,000. Our article on how much deposit you need for a new build sets out the deposit in every region, with the stamp duty on top, and the cash needed calculator adds up every cost on a real home.
Find the new homes your budget reaches
Type your income and deposit: the calculator works out what you could borrow and shows the new homes it reaches, with the cash you need on the day.
Check what you can affordHow we worked it out
The rates are the Bank of England's quoted household interest rates for 2 and 5 year fixed-rate mortgages at each loan to value it publishes (series in its Bankstats table G1.3), read monthly by HomePortfolio from the Bank's database. The Bank publishes a month's rates after it ends, so the latest month is always a past one. They are averages of the rates lenders quote, not the rate any one lender will offer you, and NewHomeSearch names no lender and arranges no mortgage.
The monthly payments use the standard repayment formula on the middle asking price of the new homes for sale in England today, with the loan at each loan to value and the quoted 2 year fixed rate for the latest month, over 30 years, as if that rate applied for the whole term. They are an illustration, not advice: a lender's own offer decides your rate and payment.
Frequently asked questions
What is the mortgage rate with a 5% deposit?
In September 2026 the Bank of England’s quoted 2 year fixed rate at 95% loan to value, a 5% deposit, was 5.7%, and the 5 year fixed rate 5.54%. These are averages of lenders’ quoted rates.
How much lower is the rate with a 10% deposit?
The quoted 2 year fixed rate at 90% loan to value was 5.37% in September 2026, against 5.7% at 95%.
What were mortgage rates in the past?
Since 2016 the quoted 2 year fixed rate at 90% loan to value has run from 1.89% in April 2020 to 6.57% in August 2023.
How much is a mortgage on a new build a month?
On the middle new build asking price in England, £399,995, a 2 year fix at the quoted rate costs £2,205 a month with a 5% deposit and £1,634 with 25%, over 30 years. It is an illustration, not an offer.
Why is the mortgage rate higher with a smaller deposit?
A lender lending more of the price takes more risk if prices fall, so it charges more. The Bank of England’s quoted rates step down at 90%, 85%, 75% and 60% loan to value.
Sources
- NewHomeSearch: the new homes for sale in Englandbuilders' websites and listings portals, via HomePortfolio
- Bank of England: Bankstats tables (G1.3, quoted household interest rates)bankofengland.co.uk
- Bank of England: Database, quoted household interest ratesbankofengland.co.uk
- Bank of England: Interest rates and Bank Rate, the latest decisionbankofengland.co.uk
Information only, not financial advice. NewHomeSearch is independent: it does not sell homes, arrange mortgages or take payment from builders. Read how we work out every figure.
From the guides:Types of mortgage: fixed, tracker, variable and offsetStandard variable rate: what happens when your deal endsNew build mortgages: what is different and what to check