Fixed mortgage rates have climbed quickly over the past month. According to Moneyfacts (5 October 2026), the average five-year fixed rate reached 6% for the first time in around three years, and the average two-year fix rose to 5.98%, its highest level since December 2023. If your current deal ends in the next six to twelve months, now is a sensible time to plan.
What has happened?
Moneyfacts reports that nearly 1,500 fixed deals were priced below 5% at the start of September. By 5 October, that had fallen to just nine (excluding Northern Ireland-only deals). Several large lenders raised selected fixed rates three or four times during September.
The main driver is the cost of lenders' own funding. Swap rates, which lenders use to price fixed deals, have been volatile, and Moneyfacts notes that UK 10-year gilt yields hit an 18-year high during a global bond sell-off.
The Bank of England base rate is 3.75%. The Monetary Policy Committee held it on 17 September 2026, and its next decision is due on 5 November 2026. Some economists expect a rise, while others think rates could stay where they are, so nobody can be sure which way it will go.
Why acting early matters
Most lenders let you secure a new rate up to six months before your current deal ends, and some allow longer. Once a mortgage offer is issued, the rate is normally held for that period, even if lenders raise rates afterwards. If rates fall before you complete, a broker can often look at switching you to a lower deal.
Doing nothing can be costly. When a fixed deal ends, most borrowers move onto the lender's standard variable rate, which is usually higher than a new fixed rate and moves with the base rate.
Landlords and limited companies
Buy-to-let affordability is based on rental income stress tests, so higher rates can reduce how much a lender will offer on a refinance. Landlords with several fixes ending over the next year may benefit from reviewing the whole portfolio now, not one property at a time. Most buy-to-let mortgages are not regulated by the FCA.
Quick tips
- Check your end date: find the date your current deal ends and any early repayment charges before then.
- Start six months out: a secured offer gives you a fallback if rates keep rising.
- Compare product transfer and remortgage: your existing lender's switch deal may suit you, but compare it with the wider market first.
- Look at the total cost: weigh up arrangement fees, not just the headline rate.
- Get your paperwork ready: up-to-date payslips or accounts, bank statements and a clear budget speed things up.
- Stress-test your budget: work out what a higher payment would mean for you before you choose a term or fix length.
How OMB can help
Our CeMAP-qualified advisers search the whole market, including deals from lenders that only work through brokers, and can compare a remortgage with your lender's own switch offer. To see how a different rate or term could change your monthly payment, try our mortgage repayment calculator. Read our guide on when to remortgage, and download the income and expenditure worksheet from our client toolkit so you're ready to apply.
Sources
- Moneyfacts: average five-year fixed rate hits 6% (5 October 2026)
- Moneyfacts: weekly mortgage roundup (7 October 2026)
- Bank of England: Bank Rate (held at 3.75%, 17 September 2026)
To talk it through, contact us or start your enquiry.
Important: This guide is general information, not personal advice. Rules, rates and lender criteria change; speak to an adviser about your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.