Welcome to our weekly look at where mortgage rates stand, with a focus on large loans and buy-to-let. Fixed rates have spent October hovering around 6%, after a run of lender repricing driven by volatile swap rates. Here is where the market averages sit as of mid-October 2026.
This week in numbers
| Measure | This week | Source and date |
|---|---|---|
| Bank of England Bank Rate | 3.75% | Bank of England, decision of 17 September 2026 (next MPC announcement 5 November 2026) |
| Average 2-year fixed (residential, all LTVs) | 5.97% | Moneyfacts, reported 14 October 2026 |
| Average 5-year fixed (residential, all LTVs) | 5.99% | Moneyfacts, reported 14 October 2026 |
| Moneyfacts Average New Mortgage Rate | 5.88% | Moneyfacts, close 16 October 2026 |
| Average 2-year fixed buy-to-let | 5.63% | Moneyfacts, reported 14 October 2026 |
| Average 5-year fixed buy-to-let | 6.01% | Moneyfacts, reported 14 October 2026 |
| Residential products available | about 8,560 | Moneyfacts, reported 14 October 2026 |
| Buy-to-let products available | 5,192 | Moneyfacts, reported 14 October 2026 |
For context, Moneyfacts put the average 2-year fix at 5.98% and the average 5-year fix at 6.00% on 5 October 2026, so averages have edged back very slightly since then, but remain close to their highest level since late 2023. A month earlier, the average 2-year fix was 5.68% (Moneyfacts). Moneyfacts has described swap rates, which underpin fixed-rate pricing, as volatile, which is why lenders have been repricing and withdrawing deals at short notice.
Large loans and private banks
When rates move quickly, the gap between high street pricing and bespoke lending can change from week to week, so it pays to look at the whole picture rather than headline rates alone. For borrowing of £1m and above, private banks and specialist lenders tend to look at overall wealth, assets and income structure, and interest-only or part-and-part can be considered case by case. Read more about high-value mortgages and private bank lending.
Buy-to-let
Average buy-to-let 2-year fixes are currently below their residential equivalent, while the average 5-year buy-to-let fix sits just above 6%, according to Moneyfacts. Product choice remains broad at over 5,000 deals, so structure matters: personal or limited company buy-to-let, fixed term and rental cover all affect what is available. Explore our buy-to-let mortgages page or try the buy-to-let calculator.
What it means for you
- Fixed rate ending in the next six months? Many lenders let you secure a new rate months ahead of your current deal ending. Set a rate reminder so you do not drift onto a standard variable rate.
- Buying or remortgaging a larger home? With deals being repriced quickly, an agreement in principle and early preparation can help you act when the right option appears.
- Landlords: check your rental cover against current rates before your fix ends, and consider whether your ownership structure still suits your plans.
Every case is different, and averages only tell part of the story. If you would like us to look at your options across the market, Start your enquiry or call 0203 971 1234.
Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let and commercial mortgages are not regulated by the Financial Conduct Authority. There may be a fee for mortgage advice: we may charge up to 1% of the loan, and our typical fee is £500. Rates quoted are market averages from the sources shown, not offers, and are subject to lender criteria. Our Mortgage Broker Limited is authorised and regulated by the Financial Conduct Authority, FRN 944663.
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.