UK mortgage rates have continued to rise during the final full week of September, with average fixed rates moving higher across most loan-to-value bands.
However, the picture isn’t entirely one-sided. While several major lenders have increased their mortgage rates, Skipton Building Society has introduced reductions across its fixed-rate range, demonstrating that individual lenders aren’t necessarily moving in the same direction.
Meanwhile, the Bank of England’s decision to maintain Bank Rate at 3.75% continues to influence market expectations, and borrowers approaching the end of their current mortgage deals face some important decisions.
Here’s what changed in the UK mortgage and property market between the 21st and 28th of September 2026.
Quick Answer: What’s Happening to UK Mortgage Rates?
Average UK mortgage rates increased again this week, with the average two-year fixed rate reaching 5.49% and the average five-year fixed rate reaching 5.47%, according to Rightmove’s figures updated on the 26th of September.
Both increased compared with the previous week:
- Two-year fixed: 5.42% up to 5.49%
- Five-year fixed: 5.43% up to 5.47%
The increases follow a period of higher mortgage funding costs and continued uncertainty around inflation and future interest rates.
However, individual lenders are taking different approaches, with some increasing rates while others introduce selective reductions.
Why Are Mortgage Rates Rising When Bank Rate Hasn’t Changed?
Fixed mortgage rates don’t move solely in response to Bank Rate decisions. Lenders also consider the cost of securing funding, including movements in swap rates, alongside their own commercial and lending requirements.
This means fixed mortgage pricing can increase even when the Bank of England leaves Bank Rate unchanged.
The distinction is particularly relevant following September’s decision to hold Bank Rate at 3.75%, as borrowers may otherwise assume that a hold should automatically translate into stable mortgage rates.
How Much Have Mortgage Rates Increased This Week?
Rightmove’s latest mortgage tracker shows that average rates have continued to move upwards, although the increases have been smaller than those recorded in the previous week.
| Mortgage Type | 19th of September | 26th of September | % Change |
|---|---|---|---|
| Average 2-year fixed | 5.42% | 5.49% | +0.07% |
| Average 5-year fixed | 5.43% | 5.47% | +0.04% |
| 90% LTV, 2-year fixed | 5.55% | 5.60% | +0.05% |
| 90% LTV, 5-year fixed | 5.53% | 5.56% | +0.03% |
| 75% LTV, 2-year fixed | 5.30% | 5.36% | +0.06% |
| 75% LTV, 5-year fixed | 5.31% | 5.35% | +0.04% |
| 60% LTV, 2-year fixed | 4.97% | 5.07% | +0.10% |
| 60% LTV, 5-year fixed | 5.00% | 5.06% | +0.06% |
Source: Rightmove/Podium, updated 26th of September 2026. Figures are market averages, not individual mortgage quotations.
Interestingly, borrowers with larger deposits haven’t escaped the increases.
At 60% LTV, the average two-year fixed mortgage increased by 0.10 percentage points in a single week.
This is a useful reminder that having a substantial deposit or a large amount of equity doesn’t automatically protect borrowers from wider mortgage market movements.
Major Mortgage Lenders Continue to Reprice
The latest increases aren’t simply a change in published market averages. Individual lenders have continued adjusting their mortgage products.
During the week, Barclays announced increases of up to 0.30 percentage points on selected products, while Halifax increased selected purchase rates by up to 0.11 percentage points and certain remortgage, product-transfer and further-advance rates by up to 0.10 percentage points.
BM Solutions also announced increases of up to 0.25 percentage points across selected buy-to-let products.
For borrowers, this highlights how quickly the mortgage available today can differ from one quoted only a few weeks earlier.
However, it doesn’t mean every lender is increasing rates or that the lowest advertised rate is necessarily the most appropriate mortgage.
Skipton Cuts Mortgage Rates Despite Wider Market Increases
One particularly interesting development this week came from Skipton Building Society.
While much of the market has been increasing mortgage rates, Skipton announced reductions averaging 0.15 percentage points across its fixed mortgage range, effective from 25 September.
The lender also expanded its offering with new three-year fixed products at 90% LTV under its LTI Booster range.
Other changes included extending its Delayed Start Mortgage proposition to home movers and reducing selected 95% LTV rates.
This is important because it demonstrates that the mortgage market doesn’t move uniformly.
Different lenders have different funding positions, lending targets and appetites for particular borrowers.
As a result, one lender might increase rates while another reduces them to attract a particular type of mortgage application.
For buyers and homeowners, this makes comparing the wider market particularly important.
Oportfolio Insight: Don’t Assume Every Mortgage Lender Is Increasing Rates
With so many headlines about rising mortgage rates, it’s understandable that borrowers might assume every mortgage deal is becoming more expensive.
But this week’s activity shows why looking beyond the market averages matters.
Some lenders have increased their prices, while others have introduced reductions or new products.
And even where one lender advertises a lower rate, that doesn’t automatically make it the right mortgage for every borrower.
Affordability, income assessment, property criteria, loan-to-value, fees and overall borrowing requirements all play a part.
This is particularly relevant to the larger and more complex mortgages we regularly arrange at Oportfolio.
A borrower with substantial bonus income, retained company profits or multiple income sources may find that one lender offers a lower headline rate but won’t recognise enough of their income to support the mortgage required.
Another lender may advertise a slightly higher rate but take a more suitable approach to their circumstances.
For these borrowers, reviewing mortgage rates and lender criteria together is essential. The cheapest advertised mortgage is of little practical benefit if the lender cannot support the borrowing needed.
What Is Happening to UK House Prices?
The latest September Rightmove House Price Index continues to provide useful context for buyers and sellers.
Average asking prices increased by 0.7% to £367,440, representing the first monthly increase since May.
However, asking prices remained 0.8% below their level a year earlier.
The number of properties available for sale was also at a 12-year high for this time of year, while buyer enquiries were 9% below the equivalent period in 2025.
Although these figures were published earlier in September rather than representing a new weekly release, they remain relevant to the decisions borrowers are making.
Higher mortgage costs can make affordability more challenging, but a larger selection of available properties may give buyers greater scope to compare homes and negotiate.
For London buyers in particular, understanding what you can comfortably borrow before making an offer remains important.
Should I Secure a Mortgage Rate Now or Wait?
With mortgage rates increasing, many borrowers will understandably be wondering whether they should secure a mortgage now or wait for the market to improve.
Unfortunately, nobody can guarantee where fixed mortgage rates will move next.
The Bank of England maintained Bank Rate at 3.75% on the 17th of September, but its latest minutes highlighted tighter financial conditions and the effect of higher market interest rates on household borrowing costs.
For borrowers already planning a purchase or remortgage, it may therefore be sensible to investigate the available options rather than delaying the entire process in anticipation of lower rates.
Depending on the lender and circumstances, securing a mortgage offer now may also leave opportunities to review the product again before completion if more competitive rates become available.
However, the potential benefit of changing products must always be balanced against fees, eligibility and transaction timescales.
Buying a Property or Remortgaging Soon?
With lenders continuing to adjust their rates, it may be worth reviewing your mortgage options before making a decision.
Our advisers can assess the products currently available, explain how different lenders approach your circumstances and help you understand the potential costs of borrowing.
What Should Mortgage Borrowers Watch Next?
As September ends, further lender repricing, inflation developments and upcoming mortgage approvals data will provide more information about the direction of the market. The next Bank of England Bank Rate announcement is scheduled for the 5th of November 2026.
For borrowers, the important consideration is how the mortgage products currently available fit their circumstances, rather than relying on a particular prediction about future rates.
Looking to Buy or Remortgage?
At Oportfolio Mortgages, we help clients navigate the changing mortgage market by comparing products and assessing which lenders’ criteria suit their individual circumstances.
Whether you’re a first-time buyer, moving home, approaching a remortgage or looking for a larger mortgage, our advisers can help you understand what’s available.
Speak to Oportfolio Mortgages today to review your mortgage options.
Already have a mortgage offer? We can also review whether a more competitive product has become available before you complete.
