Rate backdrop (quick facts)
- Bank Rate: 4%; BoE to update again on 6 Nov (this week). (bankofengland.co.uk)
- Lenders have been edging pricing down through autumn as inflation cools; averages around ~5% for mainstream 2- and 5-yr fixes have been common in recent months. (Direction varies by lender/product.) (Zoopla)
Your decision framework
If you’re buying in the next 3–4 months
- Get an AIP now and reserve a rate (many offers valid 3–6 months). If pricing improves pre-completion, switch via your broker. (bankofengland.co.uk)
Choosing 2- vs 5-year fixes
- Pick 5-year for payment certainty or long hold.
- Consider 2-year if you expect further cuts or a move soon—budget for fees and refinance risk.
For remortgagers (Dec–Mar maturities)
- Start 6 months out; compare product transfer vs full remortgage; check portability and early-repayment charges.