Key Takeaway

Mortgage rates in the UK showed mixed movement on Saturday 20 June 2026. Two-year fixed-rate mortgages averaged 4.78% (up slightly from the previous week), while five-year fixed products averaged 4.52% (down marginally). Tracker mortgages remained closely tied to the Bank of England base rate at 4.75%. If your current deal is ending soon, compare remortgage products now, rates vary significantly by lender and loan-to-value (LTV).

What Moved on 20 June

According to the Bank of England, the base rate held steady at 4.75% through June 2026. Despite this, individual mortgage products moved in different directions as lenders adjusted their pricing based on funding costs and competitive positioning.

Two-year fixed-rate deals saw modest upward pressure, with the average rate climbing to 4.78% for borrowers with a 25% deposit (75% LTV). Some lenders added 5 to 10 basis points to their headline rates, reflecting tighter swap market conditions. Five-year fixed products, by contrast, edged down to an average of 4.52% at the same LTV, as longer-term funding costs eased slightly. This inversion (shorter fixes priced higher than longer ones) is unusual but not unprecedented when markets expect future rate cuts.

Tracker mortgages, which follow the Bank of England base rate plus a margin, remained clustered around 5.5% to 5.75% depending on the lender’s margin. Standard variable rates (SVR) continued to sit well above fixed and tracker options, typically 7% to 8%, making them an expensive fallback for anyone whose deal has ended.

What This Means for Borrowers

If you are within six months of your current deal expiring, you can typically lock in a new rate now without waiting for the reversion to SVR (MoneyHelper, 2026). Locking in early protects you from further rate rises and avoids the punishing SVR reversion. Most lenders allow you to secure a rate up to six months in advance, and some products have no early repayment charge (ERC) once your current deal period ends.

For first-time buyers or those remortgaging with a smaller deposit (higher LTV), rates remain higher. At 90% LTV, two-year fixed products averaged around 5.4% on 20 June, and five-year fixes sat near 5.1%. Improving your LTV by even 5% (for example, moving from 90% to 85% LTV) can save you several hundred pounds per year in interest.

Read also: Mortgage and Remortgage Interest Rates in the UK Today, Sunday 21 June 2026: Rates Higher Compared to Last Week

Compare and Act

Mortgage rates change daily, and the best product for your circumstances depends on your LTV, the amount you are borrowing, whether you want a fee-free deal or are willing to pay an arrangement fee for a lower rate, and how long you want the initial fixed or discounted period to last. Use comparison tools from MoneySavingExpert or speak to a mortgage broker who searches the whole market, including products not available directly to consumers.

As of June 2026, rates remain elevated compared to the historic lows of 2020 and 2021, but they have stabilised somewhat after the sharp rises of 2022 and 2023. If you are deciding between a two-year and a five-year fix, consider your tolerance for rate risk. A two-year fix gives you flexibility to remortgage sooner if rates fall, but you face refinancing risk in 2028. A five-year fix locks in certainty but may cost you if rates drop significantly during that period.

Important Information

Your home may be repossessed if you do not keep up repayments on your mortgage.

The rates quoted are market averages as of 20 June 2026. Actual rates available to you depend on your credit file, income, affordability assessment, property value, and loan-to-value. Rates change frequently, verify current terms with an FCA-authorised lender or mortgage adviser before deciding.

This article provides general educational information about UK mortgage and remortgage interest rates. It is not regulated mortgage advice, and it is not personalised financial, lending, or legal advice. Refisage is not authorised by the Financial Conduct Authority (FCA). For advice specific to your circumstances, speak to an FCA-authorised mortgage adviser or visit MoneyHelper for free impartial guidance.