As we head into autumn, the UK mortgage market is showing cautious signs of stability, though plenty of uncertainty still lingers. September traditionally brings a flurry of activity as families return from summer holidays and look to move before Christmas. So, what’s really going on with mortgage rates right now, and what should you be thinking about if you’re planning to move or remortgage in the next few months?
At Skyline, we’re here to break down what’s happening and help you make confident, informed choices.
Rates held (again)
In its latest decision, the Bank of England kept the base rate at 4.00% following a cut earlier this summer. While another reduction had been hoped for, stubborn inflation figures and mixed economic signals mean the Bank is holding steady, for now.
This pause in rate cuts doesn’t necessarily mean bad news for borrowers. In fact, many lenders had already priced in expectations of future base rate reductions, which helped bring fixed mortgage rates down from their 2023 peaks earlier this year.
Many 5-year fixed mortgage rates are currently available in the mid-to-low 4% range, with some dipping below that for low loan-to-value (LTV) borrowers.
Remortgaging? Don't wait too long
If your fixed rate deal is ending this year, it’s crucial to act early. According to industry data, over 470,000 UK homeowners could see their monthly repayments jump by up to £510 as their low-rate deals from 2020 expire.
Why? Many of those mortgages were fixed at around 2.11%, but today’s average Standard Variable Rate (SVR) is around 7.13%. When your deal ends, you’ll likely move to this higher rate, unless you remortgage in time.
Many lenders let you secure a new deal up to 6 months before your current one ends. That means you could lock in a lower fixed rate now, and it’ll be ready to go when your current deal finishes.
At Skyline, we’ll guide you through the options; fixed, tracker, offset - and help you understand which one suits your current circumstances.
Buying this Autumn? Some good news
The autumn market is often active, and this year looks no different. The latest data shows buyer confidence returning, especially among first-time buyers who are re-entering the market as rates stabilise.
One key driver is improved affordability. Even a 0.5% drop in mortgage rates can mean hundreds of pounds less per month on repayments, making certain price brackets accessible again for some buyers.
That said, house prices remain mixed across the UK, with rural areas still outperforming city centres. In competitive markets, having your mortgage Agreement in Principle (AIP) ready makes you a much stronger buyer.
If you're thinking of making a move before the end of the year, get in touch. We’ll help you get fully prepared and mortgage-ready, so you don’t miss out.
Market trends we’re watching
Here’s what Skyline’s keeping an eye on this month:
Fixed rate mortgages: Softening slightly, especially on 5-year terms.
Tracker deals: Gaining popularity with those betting on more rate cuts in 2026.
Lender competition: Increasing, particularly for remortgage business.
Product fees: Some low-rate deals come with high fees. Check the total cost.
Buyer demand: Steady, especially among movers with strong equity.
Top tips for September
Review your mortgage 6 months before renewal
Don’t leave it too late as early action gives you the widest choice.Get independent advice
Whole-of-market brokers like Skyline can access deals your bank won’t offer directly.Don’t fixate on the rate alone
Consider fees, flexibility, and your plans over the next few yearsUse your Agreement in Principle wisely
It can speed up your buying journey and put you ahead of the queue.
Ready to talk?
Whether you’re remortgaging, buying your next home, or just want a clearer picture of your options, our award-winning independent mortgage adviser, Tony, is ready to help.
Book your free, no-obligation online appointment today.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The amount will depend on your circumstances.
Skyline Mortgage Consultants Ltd is an Appointed Representative of The Right Mortgage Ltd, authorised and regulated by the Financial Conduct Authority.