The best mortgage rates have continued to improve this month, with fixed rate mortgages now available below 5% for the first time since June 2023. Rightmove’s mortgage tracker, showed the lowest rate on a 5 year mortgage was 4.94%. But as the mortgage picture continues to improve, the best mortgage rate in October on a 5 year fixed rate mortgage is now 4.82% from Virgin Money.
However, while this offers some good news, even the best UK mortgage rates are still high and if you’re coming off a fixed deal, you’ll face a steep increase in your mortgage rate.
So it’s more important than ever to shop around for the best mortgage deal before your current mortgage deal ends. And while mortgage rates have been falling, no-one knows what will happen in coming weeks and months. So it’s vital to act fast when you find the deal you want to avoid the risk of missing out.
If your current mortgage deal expires in the next 6 months, start looking now. You can lock in a mortgage rate and keep it under review. That way you can avoid your current deal rolling onto lenders’ Standard Variable Rates which are averaging 8.5% or more – for example Aldermore’s SVR is currently a staggering 9.73%