Welcome to this week's look at where mortgage rates stand, with a focus on large loans and buy-to-let. The waiting is over: on Thursday 5 November the Bank of England raised Bank Rate from 3.75% to 4%, its first increase in more than three years. Much of the move had already been priced in, and Moneyfacts' figures for the start of November show average fixed rates edging up again ahead of the decision.
This week in numbers
| Measure | This week | Source and date |
|---|---|---|
| Bank of England Bank Rate | 4.00% (up from 3.75%) | Bank of England, decision of 5 November 2026; next announcement 17 December 2026 |
| Average 2-year fixed (residential, all LTVs) | 5.97% (5.93% in our 2 November update; 5.59% at the start of September) | Moneyfactscompare.co.uk, 5 November 2026, data at the start of November |
| Average 5-year fixed (residential, all LTVs) | 6.00% (5.95% in our 2 November update; 5.63% at the start of September) | Moneyfactscompare.co.uk, 5 November 2026, data at the start of November |
| Moneyfacts Average New Mortgage Rate | 5.89% (a three-year high) | Moneyfactscompare.co.uk, 5 November 2026 |
| Average 2-year tracker | 4.68% | Moneyfactscompare.co.uk, 5 November 2026, data at the start of November |
| Average standard variable rate | 7.13% | Moneyfactscompare.co.uk, 5 November 2026, data as at 1 November |
| CPI inflation, September 2026 | 3.5% | Office for National Statistics, as reported by Moneyfactscompare.co.uk, 5 November 2026 |
Fixed rates are priced mainly from swap rates rather than Bank Rate itself, and Moneyfacts has linked recent repricing to swap rate volatility. That is why many fixed rates moved before the announcement rather than after it. Tracker rates, by contrast, usually follow Bank Rate directly.
Large loans and private banks
With average fixed rates now around 6%, how a larger loan is structured matters as much as the headline rate. For borrowing of £1m and above, private banks and specialist lenders tend to look at overall wealth, assets and income structure rather than salary alone, and interest-only or part-and-part repayment can be considered case by case. Read more about high-value mortgages and private bank lending.
Buy-to-let
We could not confirm updated all-LTV buy-to-let averages for 2-year and 5-year fixes this week, so we have left them out of the table rather than estimate. Moneyfacts data reported by Mortgage Solutions on 5 November shows average buy-to-let rates have moved from the 4% range into the 5% range since late February. It is worth checking rental cover and ownership structure well before a fix ends: explore our buy-to-let mortgages and limited company buy-to-let pages, 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 before your current deal ends. Set a rate reminder so you do not drift onto a standard variable rate, which Moneyfacts puts at 7.13% on average.
- On a tracker or variable rate? Your payments are likely to reflect the Bank Rate rise soon, so it may be a good time to compare your options.
- Landlords: review rental cover against current rates and consider whether your ownership structure still suits your plans before your fix ends.
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.