Here is a brief breakdown of the average mortgage rates UK banks are currently offering in the final week of May 2023. The last few weeks have seen a bit of turbulence when it comes to mortgage interest rates. The raising of the Bank of England’s base rate on the 11th of May 2023 to 4.5% understandably caused a bit of worry for banks and borrowers alike, and many lenders did increase their rates after dropping them in previous months. However, despite this, mortgage interest rates have either plateaued or have actually reduced. Here is a quick breakdown of the average UK mortgage rates at this moment in time.
Average Mortgage Rates UK
Senior Content Editor For Mortgages At Uswitch Kellie Steed published the following report today, showing the average mortgage rates in the UK right now:
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The average two-year fixed-rate mortgage rate mortgage in the UK is currently at 5.44% (based on 75% LTV)
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The average five-year fixed-rate mortgage rate mortgage in the UK is currently 4.64% (based on 75% LTV)
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The average two-year variable-rate mortgage rate mortgage in the UK is currently 5.14% (based on 75% LTV)
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The average standard variable-rate mortgage (SVR) in the UK is currently 7.75%
It is important for anyone reading this that these are the average mortgage rates as of the 23rd of May 2023 and could change at any time. They are also by no means the lowest mortgage interest rates available on the market, they are simply the average based on an assessment of the entire UK mortgage market. If you want to know what the best rate available to you is, please give our team a call and we will be happy to guide you through this.
Average Mortgage Rates Drop
Compared to the previous week (16th May 2023) average mortgage rates in the UK have dropped, possibly signalling that we could have even more rate reduction in store over the next few months, as long as inflation drops at the rate that the BoE hopes for. Here is a comparison of the rates from last week and this week:
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The average two-year fixed-rate mortgage rate in the UK was 5.35% on the 16th of May 2023. It is currently at 5.44%. That is a reduction of 0.06% in a week.
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The average five-year fixed-rate mortgage rate in the UK was 4.79% on the 16th of May 2023. It is currently 4.64%. That is a reduction of 0.15% in a week.
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The average two-year variable-rate mortgage rate in the UK was 5.09% on the 16th of May 2023. It is currently 5.14%. That is an increase of 0.05% in a week.
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The average standard variable-rate mortgage (SVR) in the UK was 7.75% on the 16th of May 2023 and is currently exactly the same as of the 22nd of May 2023.
Average UK Buy-To-Let Mortgage Rates Increase
The average UK buy-to-let mortgage rate offerings across all lenders have increased according to uSwitch. Here is a quick breakdown of these average figures as of the 22nd of May 2023, compared to the 16th of May 2023.
- The average two-year fixed-rate buy-to-let mortgage in the UK on the 16th of May 2023 was 5.54% across the entire market. It is currently 5.55% as of the 23rd of May 2023. This is an increase of 0.01%.
- The average two-year fixed-rate buy-to-let mortgage in the UK across the big six lenders (Nationwide, Santander, HSBC, Halifax, Barclays Bank, NatWest, and Lloyds Bank) was 5.19% on the 16th of May 2023. It is currently 5.39%. This is an increase of 0.2%.
- The current lowest UK buy-to-let mortgage rate as of the 23rd of May 2023 across all lenders is with The Mortgage Works at 3.84%.
- The current lowest UK buy-to-let mortgage rate as of the 23rd of May across the big six lenders is with Santander at 4.99%.
Speak To a Mortgage Advisor
If you are looking at getting a new mortgage and want to know the latest and best mortgage rates available to you, please give our team a call today for a free, quick, and easy mortgage assessment.
For update average mortgage rates in the UK from August 2023, click here.
