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The average interest rate on new five-year fixed mortgages has reached 6% for the first time in three years, according to Moneyfacts figures. Since September, over 1,500 mortgage deals priced below 5% have disappeared as lenders such as Barclays and HSBC raised rates multiple times due to global economic uncertainty. Rachel Springall from Moneyfacts warns that rising rates will be challenging for borrowers and advises them to seek advice and compare deals carefully before their current fixed-rate period expires.
Written locally by qwen2.5:14b on 2026-10-05,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Average five-year mortgage rates in the UK hit 6% for the first time in three years, according to financial information service Moneyfacts. This rise has led to about 1,500 deals priced below 5% vanishing since September, making borrowing more expensive for home buyers and existing borrowers renewing fixed-rate deals. Major banks such as Barclays, HSBC, and Lloyds Bank have increased their rates multiple times in recent weeks due to global economic uncertainty caused by rising prices and interest rates. Sarah Tucker from the HomeOwners Alliance describes this situation as a "real blow" for borrowers, especially those on cheaper fixed deals who are already facing higher household bills. The typical five-year rate peaked at 6.03% on September 27, 2023, adding further pressure to housing affordability across the UK and Northern Ireland.
Written for “Mortgage Rates Hit 6%” on 2026-10-05,
grounded in this article and the 1 other(s) covering the same event.
- Published
The average interest rate on a new five-year fixed mortgage deal has hit 6% for the first time in three years, figures show.
asserted
figures → publish → years
The cost of home loans has been rising in recent weeks, as lenders face higher costs amid international concern over rising prices, interest rates, and government borrowing costs.
asserted
lenders → rise → prices
It means home buyers and anyone renewing a fixed deal have seen about 1,500 mortgage deals priced below 5% vanish since the start of September, according to the financial information service Moneyfacts.
uncertain
deals → mean → service
It described the situation as "brutal" for borrowers, with the average rate on five-year deals now at 6%, and at 5.98% on two-year fixed mortgages.
asserted
rate → describe → mortgages
For borrowers, the interest rate on a fixed mortgage does not change until it expires, usually after two or five years, and a new one is chosen to replace it.
asserted
one → fix → it
The vast majority of homeowners and buyers have this kind of mortgage.
asserted
majority → have → mortgage
Since the Iran war began, global economic uncertainty has been pushing up the cost of deals.
asserted
uncertainty → begin → deals
Moneyfacts said that the biggest High Street lenders had made repeated fixed rate increases during September.
asserted
lenders → say → September
Barclays increased selected fixed rates on four occasions, while HSBC, Lloyds Bank, Nationwide, NatWest, Santander and TSB each made three rounds of increases.
asserted
HSBC → increase → increases
It meant that the average rate on a new five-year deal was at its highest since September 2023.
asserted
rate → mean → September
"Average fixed mortgage rates rising back to three-year highs will be disastrous news for borrowers," said Rachel Springall, finance expert at Moneyfacts.
asserted
Springall → fix → Moneyfacts
"Borrowers who were hoping mortgage rates would stabilise will be disappointed."
asserted
rates → hop → ?
She said that those coming to the end of a fixed deal would be "wise to seek advice and compare deals carefully".
asserted
those → say → deals
Some lenders could allow people to lock in a rate three months before their current deal ends, while others could allow six months, she said.
uncertain
she → allow → months
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