DBF Rate Monitor — October 2026
- BoE base rate (held 17 Sep 2026)
- 3.75%BoE base rate (held 17 Sep 2026)
- best 2yr fix (+0.36%)
- 4.69%best 2yr fix (+0.36%)
- best 5yr fix (+0.38%)
- 4.86%best 5yr fix (+0.38%)
- bridging market average
- 0.81%/mobridging market average
Fixed mortgage rates rose sharply in September while Bank Rate stayed at 3.75%. Best-buy 2- and 5-year fixes are up about 0.36%–0.38% on a month ago, driven by swap rates. Bridging pricing was steady. This page is republished on the first working day of every month and archived, so the history is kept.
UK Finance Rate Monitor — October 2026
Swipe the table sideways to see every column.
| Measure | September guide | October | Change |
|---|---|---|---|
| Bank Rate | 3.75% | 3.75% (held 17 Sep, 6–3) | none |
| Best 2yr fix | 4.33% | 4.69% | +0.36% |
| Best 5yr fix | 4.48% | 4.86% | +0.38% |
| Average 2yr fix | 5.59% | 5.92% | +0.33% |
| Average 5yr fix | 5.63% | 5.94% | +0.31% |
| 2-year swap | 4.26% (3 Sep) | above 4.70% | about +0.45% |
| Bridging market average | 0.82%/mo | 0.81%/mo | −0.01% |
| Development finance headline | from 6.5% | from 8.8% | methodology correction, not a market move |
What to watch in November
The Autumn Budget (28 October) and the MPC decision (5 November).
What this month's rate rise costs: worked example
- September best 2yr fix at 4.33%
- £1,366 a month
- October best 2yr fix at 4.69%
- £1,417 a month
- The +0.36% move adds
- about £51 a month
£250,000 over 25 years on a repayment mortgage, at the best 2-year fix.
Rates rose in September — 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 Monitor Oct 2026
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Enough detail to price it is the amount, the security, the purpose and how you plan to repay. The rest we can fill in on a call.
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Rate context and outlook
The Bank of England held Bank Rate at 3.75% on 17 September 2026, its sixth consecutive hold, but three of nine MPC members voted to raise it to 4.0%. The Committee warned policy may have to tighten if the Middle East conflict persists.
Fixed rates are priced from swap rates, and the 2-year swap rose from 4.26% on 3 September to above 4.70% by mid-month, so most major lenders repriced fixed rates upward two or three times in September. The next decision is on 5 November. If your deal ends in the next six months, securing a rate now and reviewing it before completion is the lower-risk approach.
Reviewed by David Doulton, Director, Doulton Bridging Finance — over 20 years in property finance. Last reviewed 1 October 2026. Doulton Money Ltd t/a Doulton Bridging Finance, FCA No. 814533.
Frequently asked questions
Why did mortgage rates rise in September 2026 when the base rate didn't?
Swap rates, which fund fixed mortgages, rose about 0.45% as markets priced a possible rate rise.
Will rates fall in November?
Markets expect a hold or a rise at the 5 November decision, not a cut.
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
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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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Independent whole-of-market advice · FCA No. 814533