A short edition this week, on purpose. The Bank of England decides on Thursday and the full roundup will follow once we know what it did and how lenders reacted. But one thing has happened since last Saturday that should not wait a week if your deal is ending soon, so here it is.
Lenders have started putting fixed rates up Confirmed
Last week's edition explained why swap rates, the wholesale rates that fixed mortgages are priced from, had jumped, and why lenders were likely to follow. They have. Moneyfactscompare confirmed on Monday that HSBC and NatWest have both raised fixed rates since the start of September, Family Building Society pulled its fixed range altogether, and Skipton, TSB, Principality, the Co-operative Bank and Nationwide all reshuffled their ranges over the same few days.
The averages moved in a single weekend: the typical two-year fix went from 5.60% to 5.63% and the typical five-year fix from 5.64% to 5.68%, which is the highest the five-year average has been since May. Rachel Springall at Moneyfactscompare called it "somewhat inevitable" given how volatile the swap market has been, and gave a useful rule of thumb: a 0.25% rise on a £250,000 mortgage over 25 years adds about £38 a month, or £456 a year.
Two things to keep in perspective. These are market averages, and the best deals for borrowers with decent equity are still noticeably lower than the average. And a few lenders were still trimming rates in places as late as last week, working through pricing set before the swap move. The direction of travel, though, is now clearly up rather than down.
What Thursday's Bank of England decision will and will not do
The Monetary Policy Committee announces its decision on Thursday 17 September. Almost nobody expects a change. Base rate is 3.75%, inflation rose to 2.9% in July, its highest for four months, and nearly nine in ten economists in the latest Reuters poll expect a hold. Wednesday brings the August inflation figure and the ONS house price index, both of which will set the mood before the vote.
The point worth understanding is that a hold on Thursday will not undo this week's rate rises. Fixed mortgage rates follow swap rates, not the base rate, and swaps have already moved. A base rate hold matters most if you are on a tracker or a standard variable rate, where nothing changes. If you are looking at a new fixed deal, Thursday is context, not the event.
Two house price indices, two different answers Confirmed
Lloyds, which now publishes the index formerly known as Halifax, reported on Monday that the average UK house price fell 0.2% in August to £298,468, down 0.4% on a year ago and the first annual fall since November 2023. Nationwide, reporting the same month a week earlier, had prices up 1.6% on the year at £275,465.
Neither is wrong. Each index is built only from the mortgages that lender approves, so they are measuring different buyers, in different places, buying at different price points. The honest reading is that prices are broadly flat nationally, with the direction depending on where and what you are buying. RICS, whose August survey came out on Thursday, described a market "gradually finding its footing", with buyer enquiries at their least negative since January, but flagged rate uncertainty and the Budget on 28 October as reasons the recovery "remains fragile".
What it means for you
- Deal ending before March? This is the fortnight to act, and the timing works differently depending on which route you take. A remortgage to a new lender can be arranged up to about six months before your deal ends, and the offer normally holds for that long, so you can secure a rate now and still take something cheaper later if the market turns. A product transfer, where you stay with your current lender, usually cannot be booked that early. Most lenders have cut that window to three or four months, so if your deal ends in December, your own lender may not let you book anything until October. That is why it is worth getting a remortgage quote now even if you expect to stay put. Our product transfer vs remortgage guide compares the two routes, and the new product transfers explained guide lists every major lender's booking window and what happens if rates fall after you have booked.
- Already on a fixed deal with time to run? Nothing changes for you this week. Note the date your deal ends and work back six months, that is when to start looking.
- On a tracker or standard variable rate? Thursday is the one that matters for you, and the expectation is no change. If you are on an SVR by accident rather than choice, it is worth reading what SVR actually costs.
- Buying? Rates are less certain than they looked a month ago, but prices are flat. Get your agreement in principle in place and leave a little room in the budget for the rate to move between offer and completion.
That is the short version. The full roundup lands next Saturday with the Bank's decision, the August inflation figure, and how lenders have repriced by then. If anything here raises a question about your own situation, drop us a line, or have a no-pressure chat with Debbie at DS Financial.
General information, not financial, tax or legal advice. Figures correct at the time of writing (11 September 2026) and may change quickly given current market conditions. Mortgage rate figures are market averages and illustrative only, subject to lender criteria and change. Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources: The Intermediary, "Mortgage rate rises loom as major lenders reprice" (7 September 2026), Yahoo Finance UK, fixed mortgage rate averages (7 September 2026), Lloyds House Price Index, August 2026 (7 September 2026), Nationwide House Price Index, August 2026 (1 September 2026), RICS UK Residential Market Survey, August 2026 (10 September 2026), HomeOwners Alliance, interest rate predictions ahead of 17 September.