UK fixed rates sit just below 6%. What a 7.13% SVR costs when a deal ends

The average two-year fixed mortgage in the UK was 5.96% on 15 October and the average five-year fix 5.99%, according to Moneyfacts figures reported by The Intermediary on 16 October 2026.

Back near three-year highs

A month earlier, on 15 September, the averages were 5.73% and 5.78%. On 5 October Moneyfacts put the two-year at 5.98%, its highest since mid-December 2023, and the five-year at 6.00%. The same release said sub-5% fixed deals (excluding Northern Ireland-only products) had fallen from 1,494 at the start of September to nine, after repeated repricing by most of the big lenders.

A year ago the two averages were 4.98% and 5.02% (Moneyfacts, October 2025).

Bank Rate hasn't moved. The Bank of England held it at 3.75% on 17 September and announces its next decision on 5 November.

For anyone whose fix ends this autumn, the other number that matters is the standard variable rate, where most mortgages land when a deal ends. Moneyfacts' latest published average SVR is 7.13%.

What the SVR costs against a new fix

The Remortgage Calculator, free in the Stresst app, puts the rate you're paying next to a new deal. You enter the outstanding balance, remaining term, current rate and any early repayment charge, then the new rate, the fix length and the fees (legal, arrangement, broker and valuation). It shows both monthly payments, how much less you'd pay and how much lower the balance would be by the end of the fix, the net difference after costs, and the month the costs are covered. All figures are in pounds sterling.

Take an illustrative GBP 200,000 repayment mortgage with 20 years left, coming off a fix onto a 7.13% SVR. There's no early repayment charge, because the deal has ended. The new deal is a two-year fix at the 5.96% average with an illustrative GBP 999 arrangement fee. The calculator shows:

• On the SVR: GBP 1,566.24 a month
• On the new fix: GBP 1,428.25, which is GBP 137.99 less
• Over the two years: GBP 3,312 less paid and a balance GBP 1,339 lower
• Net difference after the fee: GBP 3,652
• The fee covered by month 6 of 24

A five-year fix at the 5.99% average, with the same fee, comes out at GBP 1,431.71 a month and a net difference of GBP 10,155 over the five years.

Both comparisons hold the SVR at 7.13% for the whole period. In practice an SVR moves when the lender decides to move it.

When a fee is worth paying

Higher rates bring back the old question of fee or no fee. The calculator takes up to three deals at once, so add a second: an illustrative fee-free two-year fix at 6.25%.

On GBP 200,000 the deal with the fee comes out GBP 152 ahead over the two years (a net GBP 3,652 against GBP 3,500).

Run the same pair on GBP 150,000 and the fee-free deal is GBP 137 ahead. On GBP 100,000 it's GBP 424 ahead, and the GBP 999 fee takes until month 11 to cover.

A flat fee is harder to earn back on a smaller balance.

Run your own numbers in Stresst

Every worked figure in this article came out of the Stresst app. Put in your own balance, rate and the deals you've been offered, and you'll see the difference in a couple of minutes.

The Remortgage Calculator is free, as are Mortgage Payment, Overpayment, Periodic Overpayment, Buy-to-Let Yield, Total Purchase Costs and the Stamp Duty Calculator. UK Affordability and the Rate Break-Even Analyser are Premium, alongside Ltd vs Personal Name - Section 24. Premium also adds PDF export on every calculator, and it comes with a 7-day free trial.

Lenders are repricing week by week and the Bank of England decides on 5 November, so download it now and check your numbers before your deal ends. On iPhone, Stresst is in beta through Apple's TestFlight app.

Download Stresst free on Google Play

Join the Stresst iPhone beta on TestFlight

Know your numbers before you commit.

Sources

• The Intermediary, "Average mortgage rate holds at 5.88%: Moneyfacts" (figures as at 15 October 2026), 16 October 2026. https://theintermediary.co.uk/2026/10/average-mortgage-rate-holds-at-5-88-moneyfacts/
• Moneyfacts Group, "Mortgage rate hikes see sub-5% fixes vanish as average five-year fixed hits 6%", 5 October 2026. https://www.moneyfactsgroup.co.uk/media-centre/consumer/mortgage-rate-hikes-see-sub-5-fixes-vanish-as-average-five-year-fixed-hits-6/
• Moneyfacts Group, "Mortgage rates rise for the first time in eight months", 13 October 2025. https://www.moneyfactsgroup.co.uk/media-centre/group/mortgage-rates-rise-for-the-first-time-in-eight-months/
• HomeOwners Alliance, "Mortgage Rate Predictions 2026" (Moneyfacts average SVR), updated 15 October 2026. https://hoa.org.uk/advice/guides-for-homeowners/for-owners/mortgage-rate-forecast/
• MoneyWeek, "Mortgage rates are on the rise" (Moneyfacts average SVR), updated 8 September 2026. https://moneyweek.com/personal-finance/mortgages/latest-UK-mortgage-rates
• Bank of England, "Interest rates and Bank Rate", accessed 17 October 2026. https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate