UK mortgage rates in late May 2026: where they stand

Mortgage pricing has settled into a slow drift downward after a sharper rise earlier in the spring. The headline figures depend heavily on your deposit, so a single advertised rate rarely matches what most buyers are quoted. Below are the current averages by deposit size, what is driving them, and what they mean if you are buying or selling this year.

What are UK mortgage rates right now?

The table shows average fixed rates by loan-to-value as of 30 May 2026. Loan-to-value (LTV) is the size of your mortgage as a percentage of the property's value, so a 60% LTV means a 40% deposit and a 95% LTV means a 5% deposit. The bigger your deposit, the lower the rate you are offered.

Why are the average rates quoted elsewhere higher?

You will see higher headline averages in some reports, often near 5.8% for a two-year fix. That is because those figures are whole-of-market averages across every product and deposit size, while the table above reflects the typical rate at each deposit tier. Both are correct; they answer different questions. A fixed-rate mortgage is one where the interest rate stays the same for a set period, usually two or five years, before it moves onto the lender's standard rate.

What is pushing rates up and down?

• The Bank of England base rate, the rate it charges banks, has been held at 3.75% since December 2025, which removes one source of upward pressure.
• Swap rates, which lenders use to price fixed deals, jumped earlier this spring on energy-market volatility, pushing fixed rates up before they began easing back.
• Several major lenders have trimmed selected fixed products over recent weeks, taking average pricing gradually lower rather than sharply.

What does this mean if you are selling?

Higher rates than two years ago have cooled demand, but the market is still moving. Buyer demand in May 2026 was running around 10% below the same period last year, yet sales agreed were down only about 4%, which tells you committed buyers are still completing. The number of homes for sale is at its highest for this time of year since 2015, so a seller is competing for fewer buyers against more rival listings. Pricing realistically is what wins attention in that setting.

What should buyers do now?

• Get a decision in principle so you know the rate band your deposit actually puts you in, rather than the headline figure.
• Compare the two-year and five-year fix: a two-year fix bets on rates falling further, a five-year fix buys certainty.
• Build the monthly cost into your offer alongside the asking price, so the purchase stays affordable if rates move again.

For a homeowner weighing a move, the rate you can borrow at and the price your current home will fetch are the two numbers that decide what is possible. ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents, so you can fix the second number before you commit to the first.