Context

The UK mortgage interest rate dataset offers a comprehensive snapshot of the mortgages rates on offer in the UK across time.

Content

This dataset spans from January 1999 to October 2023, providing a comprehensive and longitudinal perspective on the evolution of mortgage rates in the United Kingdom.

This dataset includes the the interest rate time series for the following rates:

• Fixed rates with 95% Loan-to-Value
• Fixed rates with 75% Loan-to-Value
• Tracker rates
• Standard variable rates
• Bank rate
• LIBOR & Goverment Bonds

Links

This data has been sourced from the Building Societies Association website: https://www.bsa.org.uk/statistics/

Lenders in the UK have started to raise mortgage rates in response to the conflict in the Middle East. In March 2026, the average 10-year fixed mortgage rate increased by ** basis points to **** percent. Rates for two-year fixed-rate mortgages increased by almost ****** percentage point. Mortgage rates surged at an unprecedented pace in 2022, with the average 10-year fixed rate doubling between March and December of that year. In response to mounting inflation, the Bank of England implemented a series of rate hikes, pushing borrowing costs steadily higher. As financing becomes more expensive, housing demand has cooled, weighing on market sentiment and slowing house price growth. How have the mortgage hikes affected the market? After surging in 2021, the number of residential properties sold fell significantly in 2023, dipping to just above *** million transactions. This contraction in activity also dampened mortgage lending. Between the first quarter of 2023 and the first quarter of 2024, the value of new mortgage loans declined year-on-year for five consecutive quarters. Even as rates eased modestly in 2024 and housing activity picked up slightly, volumes remained well below the highs recorded in 2021. How are higher mortgages impacting homebuyers? For homeowners, the impact is being felt most acutely as fixed-rate deals expire. Mortgage terms in the UK typically range from two to ten years, and many borrowers who locked in historically low rates are now facing significantly higher repayments when refinancing. By the end of 2026, an estimated five million homeowners will see their mortgage deals expire. Roughly two million of these loans are projected to experience a monthly payment increase of up to *** British pounds by 2026, putting additional pressure on household budgets and constraining affordability across the market.

Historical mortgage rate UK data clearly shows that rates move in cycles.

Interest rates in the UK spiked in 2022 and 2023, with the average rate for new mortgage advances to individuals and individual trusts rising by **** percentage points between January 2022 and January 2024. Mortgages on a floating interest rate were the most expensive as of January 2024, at **** percent. On the other hand, the average rate for new advances with a five-year fixed rate was **** percent.

Mortgage interest rates in the UK were on a downward trend for more than a decade before soaring in 2022. In the first quarter of 2025, the average weighted interest rate stood at **** percent — nearly ***** times the interest rate in the first quarter of 2022. Mortgage rates also vary depending on the type of mortgage: Historically, fixed rate mortgages with a shorter term had on average lower interest rates. What types of mortgages are there? In terms of the type of interest rate, mortgages can be fixed and variable. A fixed interest rate is simply a mortgage where the rate of repayment is fixed, while a variable rate depends on the lender’s underlying variable interest rate. Furthermore, mortgages could be for a house purchase or for refinancing. The vast majority of mortgages in the UK are fixed rate mortgages for house purchase, and only a small share is for remortgaging. How big is the UK mortgage market? The UK has the largest mortgage market in Europe, amounting to over ** billion euros in gross residential mortgage lending as of the fourth quarter of 2024. When comparing the total outstanding residential mortgage lending, the UK also ranks first with about *** trillion euros.

Mortgage Rate in the United Kingdom increased to 6.60 percent in March from 6.59 percent in February of 2026. This dataset provides - United Kingdom BBA Mortgage Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

UK mortgage rates have started to look more borrower-friendly again, especially after the recent Bank of England base rate cut to 3.75%.

Bank of England base rate, 2yr and 5yr fixed mortgage rates, and SVR from 2015 to present.

Interest Rate on Outstanding Mortgages in the United Kingdom increased to 3.95 percent in February from 3.90 percent in January of 2026. This dataset includes a chart with historical data for the United Kingdom Interest Rate on Outstanding Mortgages.

Interest rate on new mortgages in the United Kingdom increased to 4.10 percent in February from 4.09 percent in January of 2026. This dataset includes a chart with historical data for the United Kingdom Interest Rate on New Mortgages.

In the fourth quarter of 2023, the number of mortgage sales in the UK stood at over *******. Of these, the vast majority were taken out with a fixed interest rate. The average mortgage interest rate soared in 2022. That has resulted in an overall decline in mortgage sales and a slight uptick in sales with a variable rate.A fixed interest rate is simply a mortgage where the rate of repayment is fixed. The source defines a standard variable rate as "the rate that is the lender’s underlying variable interest rate. This rate is a basic variable rate charged to borrowers with no discounts or other special deals. It is also the rate used by the lender as a reference rate when defining a discounted variable rate product (e.g., discounted product ABC is **** percent below the lender’s standard variable or basic rate). This is the rate that mortgage deals will often revert to after a special rate period."

Mortgage rates in the United Kingdom (UK) have risen dramatically since the beginning of 2022, causing concerns about households with loans up for renewal facing notable increases in costs. That is the case for 1.4 million fixed rate mortgages up for renewal in 2023. This type of mortgage is a popular choice among homebuyers because it allows them to lock in the interest rate for a specific period. After the period runs out, homebuyers need to renegotiate the loan or switch to a variable interest rate. The vast majority of loans up for renewal until 2024 have an initial effective mortgage rate of less than 2.5 percent - significantly lower than the current mortgage rates.

Graph and download economic data for Household Variable Mortgage Rate in the United Kingdom (HVMRUKM) from Sep 1939 to Jan 2017 about academic data, mortgage, United Kingdom, households, and rate.

Compare UK interest rates and mortgage rates alongside house prices. Interactive charts showing the Bank of England base rate versus 2-year, 5-year, and SVR mortgage rates, with historical HPI trends.

About 1.4 million households with mortgages up for renewal in the United Kingdom (UK) will face increasing monthly costs by the end of 2024 because of the aggressive mortgage interest hikes since the beginning of 2022. For about one million of these households, the increase will be between one British pound and 300 British pounds, while for 388,000 households, the increase will be higher. By December 2026, the number of households with rising mortgage payments is projected at 3.9 million. Meanwhile, about two million mortgage borrowers are expected to benefit from reduced mortgage payments by the end of 2026.

Mortgage Approvals in the United Kingdom increased to 62.58 Thousand in February from 60.25 Thousand in January of 2026. This dataset provides the latest reported value for - United Kingdom Mortgage Approvals - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This dataset contains two sheets showing: The number of regulated mortgages outstanding as at end 2022 in the UK by region/country, broken down by interest rate type (for example fixed rate, Standard Variable Rate etc) The number regulated fixed rate mortgages outstanding as at end 2022 in the UK by region/country, broken down by the month in which the fixed rate ('incentive rate') ends The data was provided to the GLA by the FCA, and the source is FCA Mortgages Performance Product Sales Data (PSD007).

Data for households in receipt of Support for Mortgage Interest (SMI) loans is available in Stat-Xplore on a quarterly basis.

These quarterly experimental statistics include the number of households who are currently in receipt of the support as well as the number who have received SMI loans so far.

The statistics are broken down by:

• Quarter
• Country, Region
• Qualifying Benefit

Background information

Read the background information and methodology note for guidance on these statistics, such as timeliness and interpretation.

Interactive statistics

Find further breakdowns of these statistics on https://stat-xplore.dwp.gov.uk/webapi/jsf/login.xhtml">Stat-Xplore, an online tool for exploring some of DWP’s main statistics.

Next release

Support for Mortgage Interest statistics are released quarterly.
Next release: 29 June 2021

Pre-release access

In addition to staff who are responsible for the production and quality assurance of the statistics, up to 24-hour pre-release access is provided to ministers and other officials. We publish the job titles and organisations of the people who have been granted up to 24-hour pre-release access to the latest Support for Mortgage Interest statistics.

Due to interest rates decreasing in recent years, mortgages in the United Kingdom have become overall more affordable: In 2007, when mortgages were the least affordable, a home buyer spent on average **** percent of their income on mortgage interest and *** percent on capital repayment. In 2019, the year with the most affordable mortgages, mortgage interest accounted for *** percent and capital repayment was **** percent of their income. As interest rates increase in response to the rising inflation, mortgage affordability is expected to worsen. Though below the levels observed before 2007, the total mortgage repayment between 2022 and 2026 is expected to exceed ** percent of income.

Graph and download economic data for Consumer Price Index: Retail price Index: All Items Less Mortgage Interest Rate for the United Kingdom (CPRPTT02GBA661N) from 1975 to 2017 about mortgage, United Kingdom, all items, retail, interest rate, interest, CPI, housing, price index, rate, indexes, and price.