Updated 2026-04-30
UK Mortgage Rates Update
Where UK mortgage rates sit right now, what's moving, and what it means for anyone looking to apply or remortgage. Updated monthly by Phillip Wakeling-Smith (CeMAP).
Headline rates
BoE Base Rate
4.25%
5-yr swap
4.1%
2-yr swap
4.3%
What's moved this month
- Bank of England held base rate at 4.25% on 2026-04-17. Two-rate-cut expectation pushed back to Q3.
- 5-year swaps fell 8bps over April; mainstream 5-year fixes now widely at 4.05–4.15%.
- BTL stress rates softening: most lenders dropped from 8% to 7.25–7.5% on 5-year products.
- Halifax, Nationwide and Santander all repriced down 0.10–0.15% in mid-April.
Should I fix or wait?
With swap rates softening and the BoE expected to cut at least once more in 2026, many borrowers are choosing 2-year fixes to stay flexible. 5-year fixes are tempting because they're currently the cheapest, but lock you in if rates fall further. Use our 2-vs-5-year live comparison tool to see which is cheaper for your specific loan size.
See how today's rates affect your borrowing
Our calculator runs your figures against current lender criteria — including the stress rates lenders apply right now.
Check My Affordability
