UK Mortgage Rates: What’s Happening in September 2026?

What’s Happening in September 2026?

If you’re keeping an eye on mortgage rates, you may have noticed things have been a little unpredictable recently. This is mostly due to the uncertainty going on in the Middle-East which has influenced global financial markets and in turn makes it very difficult for lenders when pricing their products.

After a short period of falling interest rates, some lenders have started increasing their fixed rates again, while others continue to cut pricing. So, what’s going on?

Where are Rates Now?

The Bank of England’s Base Rate is currently 3.75%, but mortgage rates don’t simply follow the Base Rate (unless you are on a base rate tracker product).

Fixed-rate mortgages are generally influenced by market expectations, which is why lenders can change their rates even when the Bank of England Base Rate remains unchanged.

At the moment, average fixed mortgage rates are over 5%, although borrowers with larger deposits or more equity may be able to access lower rates .

Are Rates Going Up or Down?

The short answer is: we don’t know yet.

UK inflation rose to 2.9% in July, which has made the Bank of England more cautious about cutting the Base Rate further.

However, markets are no longer expecting an imminent increase in the Base Rate, with economists generally expecting it to remain at 3.75% for the rest of 2026.

The mortgage market could therefore continue to move over the coming months.

What Does this Mean for You?

If you’re remortgaging, don’t leave it until the last minute. You can often secure a new rate up to 6 months before your current product ends, giving you some protection while keeping an eye on a changing market.

If you’re a first-time buyer, rates are only part of the equation. Your income, deposit, credit history and the lender’s affordability criteria all matter and will contribute to the rates you can access.

And if you’re self-employed, a contractor or have more complex circumstances, the right lender can make a significant difference.

Our Advice

Rather than trying to predict exactly where mortgage rates will be in six months’ time, focus on what works for your circumstances. The lowest rate today isn’t necessarily the best mortgage overall.

At Connely Roberts Mortgage Services, we will review your situation, compare the options available and help you make an informed decision.

Thinking about buying, remortgaging or moving home? Get in touch with Connely Roberts Mortgage Services today.

Your home/property may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The precise amount depends upon your circumstances but will range from £595 to £995, this will be discussed and agreed with you at the earliest opportunity.

Connely Roberts Group Ltd trading as Connely Roberts Mortgage Services is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Lets.