Average five-year fix reaches 6%: what it costs on a typical mortgage
Moneyfacts says the average five-year fixed mortgage rate reached 6.00% on 5 October 2026, its highest since late September 2023. UKCalc's calculation: on a £200,000 repayment mortgage over 25 years that is £1,288.60 a month, £120.59 more than at 4.99%.
What happened
Average fixed mortgage rates have climbed back to three-year highs. Moneyfacts, a financial data company, reported on 5 October 2026 that the average five-year fix had reached 6.00% and the average two-year fix 5.98%, after repeated increases by major lenders during September. Fixed deals priced below 5% have almost disappeared. These are Moneyfacts' market averages, not official statistics.
Moneyfacts says the average five-year fixed mortgage rate reached 6.00% on 5 October 2026, its highest since late September 2023.
Status: Market data from the named publisher
Moneyfacts — Mortgage rate hikes see sub-5% fixes vanish as average five-year fixed hits 6%, 5 October 2026
The average two-year fixed rate rose to 5.98%, its highest since mid-December 2023.
Moneyfacts — Mortgage rate hikes see sub-5% fixes vanish as average five-year fixed hits 6%, 5 October 2026
The number of fixed-rate deals priced below 5% fell from 1,494 at the start of September to nine, excluding deals for Northern Ireland lending only.
Moneyfacts — Mortgage rate hikes see sub-5% fixes vanish as average five-year fixed hits 6%, 5 October 2026
What it means
On UKCalc's calculation, the 6.00% average makes a £200,000, 25-year repayment mortgage cost £1,288.60 a month, £120.59 more than at 4.99%. The table shows the difference at other loan sizes. Averages hide a wide range: individual deals depend on deposit, credit history and fees.
Who is affected
- Homeowners whose fixed rate ends in the coming months
- First-time buyers and movers arranging a mortgage now
Key numbers
Every figure below is a UKCalc calculation from the stated inputs, not a figure published by any source.
At the 6.00% average five-year fix, a £200,000 repayment mortgage over 25 years costs £1,288.60 a month.
That is £120.59 a month more than the same loan at 4.99%, a rate now almost unavailable on a fixed deal.
What UKCalc calculated
Monthly repayment on £200,000 over 25 years at 6.00%
£1,288.60 a month
- Method
- Standard capital-and-interest formula: P × r ÷ (1 − (1 + r)^−n), with r the monthly rate and n the number of months.
- Inputs
- Loan £200,000 (illustrative)
- Rate 6.00% (Moneyfacts average five-year fix, 5 October 2026)
- Term 25 years (illustrative)
- Assumptions
- Repayment (capital and interest) mortgage, interest charged monthly.
- The rate is fixed for the whole calculation; an actual deal reverts after its fixed period.
- Fees are excluded.
Monthly difference on £200,000 between 4.99% and 6.00%
£120.59 a month
| Loan | At 4.99% | At 6.00% | Extra a month |
|---|---|---|---|
| £150,000 | £876.01 | £966.45 | £90.44 |
| £200,000 | £1,168.02 | £1,288.60 | £120.59 |
| £250,000 | £1,460.02 | £1,610.75 | £150.73 |
| £300,000 | £1,752.02 | £1,932.90 | £180.88 |
- Method
- Monthly repayment at 6.00% minus monthly repayment at 4.99%, same loan and term.
- Inputs
- Loan £200,000 and term 25 years (illustrative)
- 6.00% (Moneyfacts average five-year fix, 5 October 2026)
- 4.99%: an illustrative rate just under 5%, the band Moneyfacts reports has almost disappeared
- Assumptions
- As above. 4.99% is illustrative, not a specific deal.
Assumptions and scope
- Repayment (capital and interest) mortgage, interest charged monthly.
- The rate is fixed for the whole calculation; an actual deal reverts after its fixed period.
- Fees are excluded.
- As above. 4.99% is illustrative, not a specific deal.
Change any of these and the result changes. They are stated so the figure can be checked rather than taken on trust. How UKCalc produces its figures: methodology.
UKCalc's interpretation
The section below is UKCalc's analysis. It is separated from the facts above deliberately: it is arguable, and the facts are not.
For a borrower whose deal ends soon, the practical comparison is no longer with last year's rate but with what is left on the market: the cheapest fixed deals have largely gone, so a new fix is likely to cost more each month than many borrowers budgeted for.
UKCalc's reading of the evidence above, not a statement by any source.
What happens next
Moneyfacts publishes average rates regularly; UKCalc will update this article if the averages move materially. The Bank of England's next interest-rate decision is due on 5 November 2026.
Questions this answers
- How much more does a 6% mortgage cost each month?
- What is the average five-year fixed mortgage rate?
- Have sub-5% fixed mortgages disappeared?
Sources
- Moneyfacts — Mortgage rate hikes see sub-5% fixes vanish as average five-year fixed hits 6% · 5 October 2026
Statutory figures belong to the body that publishes them. UKCalc compiles and verifies them, and any calculation built on top is UKCalc's own — see the governed rates reference.