Mortgage Rates in May 2026: What Buyers Need to Know

If you are thinking about purchasing a property this spring, you will be pleased to hear that the mortgage landscape is looking reasonably encouraging. Despite some global uncertainties making financial markets a little unpredictable, there are still plenty of competitive deals available for buyers across our local markets in Ealing, Acton, Northfields and Sherborne.

Where Do Rates Stand Right Now?

The Bank of England has kept the Base Rate at 3.75% since December, and there is currently no expectation of an increase any time soon. That is reassuring news for anyone looking to secure a mortgage in the coming weeks and months.

At the time of writing, average two-year fixed rate mortgages sit at around 5.14%, while five-year fixed deals are broadly similar at approximately 5.13%. Both have dipped slightly over the past week, which is a positive sign for those ready to make a move.

For buyers with larger deposits, the picture is even brighter. Those putting down 25% or more can find average rates closer to 5% or below, and the lowest available deals on the market are currently around 4.40% for a two-year fix.

What Is Driving the Market?

While the Base Rate itself has not moved, global political events have created some volatility in financial markets. This affects the underlying swap rates that lenders use to price their fixed rate products. As a result, some deals have edged up slightly in recent months, even without a change from the Bank of England.

However, the important thing to remember is that mortgage rates remain well below the peaks we saw last year. Lenders are still actively competing for business, meaning buyers have a healthy range of products to choose from. Asking prices have remained broadly stable this spring, which adds further confidence for those weighing up a purchase.

Good News for First-Time Buyers

First-time buyers will be encouraged to know that monthly repayments on a typical starter home are lower than they were at the same point last year. For someone purchasing a property at around the national average for a first-time buyer home with an 80% loan-to-value mortgage, monthly payments currently come in at roughly £1,038 over a 25-year term. That represents a manageable figure for many and a welcome improvement on the higher costs seen in early 2025.

Why Expert Advice Matters

With rates changing regularly and a wide variety of products on the market, having the right guidance makes all the difference. Since 1983, we have been helping buyers navigate the property market across West London and Dorset, and our experienced team understands the local picture inside out.

Whether you are a first-time buyer taking your initial steps onto the ladder or looking to move up to your next family home, we are here to help you make sense of the options and move forward with confidence.

If you would like to discuss your plans or get tailored advice on buying in Acton, Ealing, Northfields or Sherborne, please do not hesitate to get in touch with your nearest office. We would love to hear from you.

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