2 Year Fixed Mortgage Rates - Updated November 2026
- best 2yr fix, purchase (Halifax, 60% LTV)
- 4.78%best 2yr fix, purchase (Halifax, 60% LTV)
- best 2yr remortgage (Halifax, £999 fee)
- 4.82%best 2yr remortgage (Halifax, £999 fee)
- average 2yr fix, all LTVs (Moneyfacts)
- 5.97%average 2yr fix, all LTVs (Moneyfacts)
- BoE Bank Rate (next decision Thu 5 Nov 2026)
- 3.75%BoE Bank Rate (next decision Thu 5 Nov 2026)
As of 3 Nov 2026, the best 2-year fixed mortgage rate is 4.78% (Halifax, 60% LTV, £1,099 fee) for purchases and 4.82% (Halifax, £999 fee) for remortgages. The best 5-year fix is also 4.78%, so for the first time in months there is no rate saving for fixing for the shorter term. The average 2-year fix across all LTVs is 5.97% (Moneyfacts), well above the best buys.
2 Year Fixed Mortgage Rates - November 2026
Swipe the table sideways to see every column.
| Product | Best rate (lender, fee, LTV) | Market average |
|---|---|---|
| 2-year fix, purchase | 4.78% (Halifax, £1,099, 60%) | 5.97% |
| 2-year fix, remortgage | 4.82% (Halifax, £999) | - |
| 2-year fix, 90% LTV | 5.15% (Danske Bank, £1,124) | - |
| 2-year tracker | 3.99% (Barclays / Halifax) | - |
| 5-year fix, purchase (for comparison) | 4.78% (Halifax, £1,099) | 6.00% |
| 3-year fix, purchase (for comparison) | 4.85% (Halifax) | - |
What sets your 2-year fixed rate
LTV
The best buys need a 40% deposit or equity (60% LTV). At 90% LTV the best 2-year fix is 5.15%, so every 5% of extra deposit typically moves you down a pricing band.
Arrangement fee
The lowest 2-year rates carry fees of around £1,000. Over only two years the fee is spread across 24 payments, so on loans under roughly £200,000 a slightly higher no-fee rate is often cheaper overall.
Swap rates
Lenders price fixes from swap rates, not Bank Rate. Swap moves feed through within days, which is why best buys change between the time you research and the time you apply.
Deal shelf life
The average mortgage deal stays on sale for 13 days (Moneyfacts). If a rate suits you, securing it with an application matters more than waiting for a better one.
Income and credit
PAYE income and clean credit reach every lender. Self-employed, contract or adverse credit cases move to a narrower panel priced above the best buys.
Purchase or remortgage
Remortgage pricing is close to purchase pricing this month (4.82% against 4.78%), but remortgage deals often come with free valuation and legal work, which changes the total cost.
Is a 5-year fix the same as a 2-year fix now?
On headline rate, yes. In November 2026 the best 2-year and 5-year purchase fixes are both 4.78%, and the market averages are 5.97% and 6.00%. A 5-year fix therefore buys three more years of certainty at no extra rate cost.
A 2-year fix still suits you if you expect to move, repay a lump sum or need flexibility within two years, because early repayment charges on a 5-year deal run for longer. It also lets you refix sooner if rates fall, at the cost of a second set of fees in 2028.
2-year fix vs 5-year fix at the same rate: worked example
- Monthly payment, years 1-2 (either deal)
- £1,715.53
- Balance when the 2-year fix ends
- about £286,918
- Refix at 4.78% (rates unchanged)
- £1,715.53 a month, plus a second fee
- Refix at 5.28% (+0.50%)
- £1,797.53 a month (+£82)
- Refix at 5.78% (+1.00%)
- £1,881.49 a month (+£166)
- Extra cost over years 3-5 at +0.50%
- about £2,952 plus fees
£300,000 repayment mortgage over 25 years, both deals at 4.78% with a £1,099 fee.
If you took the 2-year fix, years 3-5 depend on the 2028 rate
With the best 2-year and 5-year rates level, the 5-year fix removes that risk at no rate cost. The 2-year fix only wins if rates fall by 2028 or you need to move or repay early. Rates as at 3 November 2026.
Deals last 13 days on average - lock in today, review before completion
The figures above are indicative and describe the best case. Send your own scenario and we will come back the same working day with terms from the lenders that actually fit it.
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Rate context and outlook
Bank Rate is 3.75% (next decision Thu 5 Nov 2026). Most economists expect a rise to 4.00%: 54 of 63 in a Reuters poll on 15 October. Fixed rates are priced from swap rates rather than Bank Rate, so much of the expected move is already in fixed pricing: the best 2-year and 5-year fixes are now level at 4.78%, and the Moneyfacts averages are 5.97% (2-year) and 6.00% (5-year).
The average deal stays on sale for only 13 days (Moneyfacts), so a quoted rate can disappear quickly. If your deal ends in the next six months, securing a rate now and reviewing it before completion is the lower-risk approach. Trackers (best 2-year 3.99%) move with every Bank Rate change.
Reviewed by David Doulton, Director, Doulton Bridging Finance, over 20 years in property finance. Last reviewed 3 November 2026. Doulton Money Ltd t/a Doulton Bridging Finance, FCA No. 814533.
Frequently asked questions
What is the best 2-year fixed mortgage rate in November 2026?
4.78% for a purchase (Halifax, 60% LTV, £1,099 fee) and 4.82% for a remortgage (Halifax, £999 fee), as at 3 Nov 2026.
Is a 5 year fix the same as a 2 year fix now?
On the best buys, yes: both are 4.78% this month. The difference is how long you are tied in and how often you pay fees, not the rate.
Should I choose a 2 or 5 year fix in November 2026?
With the rates level, a 5-year fix gives more certainty for the same price. Choose 2 years if you plan to move, overpay heavily or want to refix sooner if rates fall, and accept the risk that rates are higher in 2028.
Will 2-year fixed rates go up after the Bank of England decision?
Bank Rate is 3.75% (next decision Thu 5 Nov 2026). Most economists expect a rise to 4.00%: 54 of 63 in a Reuters poll on 15 October. Fixed rates follow swap rates, which already price much of an expected rise, so a 0.25% move in Bank Rate does not translate one-for-one into fixed rates.
Why is the average 2-year fix so much higher than the best buy?
The average (5.97%) covers every LTV, including 90% and 95% deals and products with no fee. The best buys need a 40% deposit and carry a fee of around £1,000.
Can I lock in a 2-year rate now and switch if rates fall?
Usually yes. A mortgage offer typically lasts about six months, and if a cheaper deal appears before completion your broker can often move you to it with the same or another lender.
What happens when my 2-year fix ends?
You move to the lender's standard variable rate, which averages 7.13%, unless you take a product transfer or remortgage. See our guide to remortgaging when your fixed rate ends.
How much can I borrow?
Usually 4 to 4.5 times income, with some lenders going to 5 or 5.5 times for higher earners and certain professions, subject to affordability.
How long does a mortgage take?
A mortgage in principle takes minutes to a day; a full offer usually takes 2–4 weeks from application.
Is a lower rate with a high fee better than a no-fee deal?
It depends on the loan size. On smaller loans the no-fee deal often wins; we compare the total cost over the fixed period.
How early can I remortgage?
You can secure a new deal up to six months before your current one ends.
What documents will I need?
ID, proof of address, 3 months' payslips and bank statements, or 2 years' accounts or tax calculations if self-employed.
Where this applies
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Think carefully before securing other debts against your home.
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