12/10/2026
🏡 **MORTGAGE MARKET UPDATE – OCTOBER 2026**
**Mortgage rates are rising again – so what does this mean for homeowners and buyers?**
Over the last few months, we've seen a significant change in the UK mortgage market, and I wanted to give everyone a quick update on what's happening and, more importantly, what you can do about it.
At the beginning of this year, we were seeing some very competitive mortgage deals, with fixed rates available below 4%. Unfortunately, the picture today is quite different.
📈 **What's happening to mortgage rates?**
According to Moneyfacts, average two-year and five-year fixed mortgage rates are now hovering around 6%, the highest levels we've seen for approximately three years.
The Bank of England's base rate remains at 3.75%, so why are mortgage rates increasing?
The main reason is uncertainty in the wider economy. Ongoing global conflicts, rising energy costs, inflation concerns and increasing wholesale borrowing costs have all contributed to lenders putting their mortgage rates up.
In recent weeks, we've seen some lenders increase their rates several times, sometimes with very little notice.
There have been a few small reductions from certain lenders more recently, which is encouraging, but the market remains unpredictable.
🏠 **What if your current mortgage deal is ending?**
My advice is simple: **don't leave things until the last minute.**
Most mortgage lenders will allow us to secure a new mortgage deal several months before your existing one expires, often up to six months in advance.
And here's the important part...
**Securing a mortgage rate now doesn't necessarily mean you're stuck with it.**
If we arrange a new deal and mortgage rates subsequently fall before completion, we can often review your options and switch to a better rate, subject to the lender's criteria.
However, if rates continue to increase, you've already got a deal secured.
It's something I've been recommending to my clients for many years, and in the current market I think it's particularly important.
🔑 **What about first-time buyers and home movers?**
Despite the headlines, mortgages are still available, lenders are still lending, and people are still buying and selling homes.
The important thing is understanding what you can comfortably afford, finding the right mortgage for your circumstances and making sure you're not paying more than you need to.
**My thoughts on the market**
Having worked in the mortgage industry since 1997, I've experienced quite a few periods of uncertainty, and one thing I've learnt is that trying to predict exactly where interest rates will go next is extremely difficult.
Rates could improve, but they could also rise further. Nobody can say with certainty.
What we *can* do is make sure you're prepared, understand your options and avoid unnecessary surprises.
At **David List Mortgage Consultants**, we're independent, whole-of-market mortgage brokers, which means we can compare mortgage options from across the market rather than being restricted to a single bank or building society.
Whether your mortgage deal is ending, you're thinking about moving, or you're buying your first home, we're always happy to have a chat.
📩 **Drop us a message if you'd like us to review your mortgage options.**
Sometimes a conversation now can save a lot of worry further down the line.
**Andy Moloney**
Director | David List Mortgage Consultants Ltd
*Your home may be repossessed if you do not keep up repayments on your mortgage.*
