Updated September 2026
Lowest UK Mortgage Rates – Updated Monthly
Mortgage rates remain significantly higher than the lowest levels seen earlier in the year, but competitive deals are still available for borrowers with the right deposit, income and circumstances.
As of the beginning of September 2026, some of the lowest widely available residential fixed mortgage rates are around 4.5%, although the exact rate available to you will depend on factors including your loan-to-value (LTV), mortgage size, property, income and lender criteria.
Importantly, the mortgage with the lowest interest rate isn’t necessarily the cheapest mortgage overall. Product fees can run into thousands of pounds, while some low-rate deals have more restrictive eligibility or LTV requirements.
Mortgage rates can also change at very short notice, particularly when financial markets are volatile.
Quick Answer: What Is the Lowest Mortgage Rate in the UK Right Now?
As of the 2nd of September 2026, Moneyfacts reports that the lowest widely available UK residential two-year fixed mortgage rate for house purchases is 4.47%, while the lowest five-year fixed rate is 4.51%. Both are available at a maximum 60% LTV and carry product fees.
The average two-year fixed mortgage rate is currently 5.59%, while the average five-year fixed rate is 5.63%. This means there is a significant difference between the market’s lowest headline mortgage rates and the rates available to the average borrower.
Current Lowest UK Mortgage Rates – September 2026
Rates checked 3rd September 2026.
Mortgage rates can change at short notice. The rates shown are market examples available at the time of our latest review and are not a guarantee of eligibility or availability.
| Mortgage Product Type | Lowest Mortgage Rate | ||||
|---|---|---|---|---|---|
| Lowest 2-year fixed mortgage rate | 4.47% | ||||
| Lowest 5-year fixed mortgage rate | 4.51% | ||||
| Average 2-year fixed rate | 5.59% | ||||
| Average 5-year fixed rate | 5.63% | ||||
| Lowest 2-year remortgage rate | 4.50% | ||||
| Lowest 5-year remortgage rate | 4.65% | ||||
| 2-year tracker / variable | 3.99% |
Important: These figures provide a snapshot of the mortgage market and should not be treated as personalised mortgage advice or a guarantee that a particular product will be available. Mortgage products can be withdrawn or repriced at short notice. Eligibility, LTV limits, affordability criteria and product fees apply.
What Is the Lowest 2-Year Fixed Mortgage Rate?
At the beginning of September, one of the lowest widely available two-year residential fixed rates is 4.47%, available from Santander at up to 60% LTV with a £1,499 product fee according to Moneyfacts.
A 60% LTV mortgage means the mortgage represents no more than 60% of the property’s value. For a purchase, this would generally mean having a deposit or equity equivalent to at least 40% of the property value.
Borrowers with smaller deposits shouldn’t therefore assume they will qualify for the headline lowest rate.
For example, current first-time buyer rates shown by Which? include approximately 4.78% at 90% LTV and 4.97% at 95% LTV for the lowest two-year fixes in those bands.
What Is the Lowest 5-Year Fixed Mortgage Rate?
Current data shows five-year residential fixed rates starting from around 4.51% at 60% LTV, with HSBC and Santander among the lenders offering deals at this level. Product fees apply.
Five-year fixed mortgages provide payment certainty for longer than two-year deals, but fixing for longer isn’t automatically better.
The decision between a two and five-year fix depends on factors including the rate difference, your future plans, potential early repayment charges and your expectations around how long you will keep the mortgage.
Oportfolio Insight
The lowest mortgage rate on a comparison table isn’t always the mortgage we would recommend to a client.
A slightly higher rate with a lower product fee can sometimes cost less overall, particularly on a smaller mortgage. Equally, the lender offering the cheapest headline rate may not provide the affordability, loan size or criteria a borrower needs.
We therefore look at the overall mortgage cost and whether the lender actually works for the client’s circumstances, rather than simply choosing whichever rate appears at the top of a best-buy table.
Speak to a Mortgage Broker
At Oportfolio Mortgages, we compare rates across the market and assess which lenders are most suitable for your situation, not just which lender appears cheapest on headline rate.
Want to know the lowest mortgage rate you could actually get? Book a quick mortgage review with Oportfolio Mortgages and we’ll check your income, deposit, and lender options against real mortgage criteria.
FAQ: Lowest UK Mortgage Rates
What is the lowest mortgage rate with a 10% deposit?
For first-time buyers at 90% LTV, current deals start around 4.78% for a two-year fix and 4.65% for a five-year fix, although products can change quickly.
What is the lowest mortgage rate with a 5% deposit?
Current first-time buyer products at 95% LTV start at approximately 4.97% for two years and 5.24% for five years.
Is a two-year or five-year fixed mortgage cheaper?
Not necessarily. Current headline rates are relatively close, but the best option depends on the product fee, LTV, future plans and whether you value longer-term payment certainty
Is the lowest mortgage rate always the best deal?
No. Product fees, cashback, valuation costs, early repayment charges and the amount borrowed can all affect the overall cost.
How often do mortgage rates change?
Potentially at very short notice. Lenders can withdraw, reprice or introduce mortgage products at any time.
