UK Mortgage Rates
Effective and quoted mortgage rates for UK households
Effective rates are what borrowers actually pay on average, including those on older fixed deals and standard variable rates (SVR). This reflects the real cost of borrowing across all mortgage holders.
Quoted rates are what lenders advertise for new mortgages. These respond quickly to Bank Rate changes and market conditions, while effective rates change more slowly as borrowers remortgage over time.
Mortgage Rate Trends
Average standard variable rate actually paid by households.
Advertised rate for new 2-year fixed mortgages at 75% loan-to-value.
Rate Comparisons
Effective rates lag quoted rates as borrowers remortgage over time.
How Bank Rate changes transmit to rates paid by households.
Quoted rates respond quickly to Bank Rate changes.
Mortgage Activity
Number of mortgage approvals for house purchase (thousands, seasonally adjusted).
Source: Bank of England Interactive Database (IADB).
Series IDs:
- IUMTLMV - Standard variable rate mortgage (effective rate)
- IUMBV34 - 2-year 75% LTV fixed rate mortgage (quoted rate)
- LPMVTVX - Mortgage approvals for house purchase (SA, thousands)
Mortgage rate data is updated monthly. Effective rates show what borrowers actually pay on average, while quoted rates reflect current market offerings.