Mortgage Rate Update & Market Implications
What’s happening with mortgage rates?
- The base rate set by the Bank of England (BoE) is currently 4%, and it has been held at that level recently.
- Average fixed-rate mortgage deals have eased compared with their peak. For example, a 2-year fixed rate is averaging around 4.43%, and a 5-year fixed around 4.46% as of 11 November 2025.
- For remortgages (existing homeowners switching deals), average 2-year fixed rates are ~4.46% and 5-year fixed ~4.40% (though actual rates vary by deposit size, term and lender).
- Forecasts suggest that while mortgage rates may gradually fall, the timing and scale of reductions remain uncertain. According to the HomeOwners Alliance (HOA), 2025 could be a “good time to remortgage” for many, though lenders may have already priced in expected rate cuts.
What does this mean for the property market?
- Affordability is improving somewhat: With fixed-rate mortgage rates lower than the peaks of 2023, more buyers may feel able to step into the market — especially those with a reasonable deposit and good income.
- Still cautious market behaviour: Even though rates are down compared to their heights, they remain higher than the ultra-low rates of the pandemic era. Buyers and sellers alike remain mindful of affordability, which can affect how quickly homes sell and how strong offers are.
- Timing your move counts: If you’re thinking of moving, up-sizing or downsizing in the near future, this could be a favourable window — but it’s about the whole package (price, condition, deposit, local demand).
- Existing homeowners may consider remortgaging: If your current fixed rate is ending soon or you are on a variable rate, it may be worth exploring options so you’re not caught on a high-cost rate when you roll off. (Again: speak to a qualified mortgage adviser for your personal situation.)
- Local market specifics: In desirable locations like Mayfield and Wadhurst, where character properties, commuting links and village lifestyle count for a lot, steady demand means well-presented homes still attract interest. However, realistic pricing remains key — buyers will compare broadly and assess total costs.
Key takeaways for you
- If you’re a buyer, this is a helpful environment — rates are more manageable than their recent peaks, but the best deals will go to those with good credit, sensible deposit and flexibility.
- If you’re a seller, understanding the current cost base for buyers (including what mortgage rates mean for monthly payments) is crucial. Homes that are well-priced and in good condition will stand out.
- If you’re a home-owner, especially if your fixed-rate deal is nearing its end, now might be a good time to check your number and explore options — even though Burnett’s Estate Agents do not provide mortgage advice, we are happy to connect you or signpost you to trusted local mortgage brokers.
- For all of us, the market is showing signs of stability rather than rapid growth or decline — which can be good: fewer surprises, more time to plan, and less frantic bidding wars, especially in the local area.
Final word
At Burnett’s Estate Agents we believe that being well-informed is one of the best assets for homeowners and buyers alike. Understanding mortgage costs, buyer affordability and local market demand helps you make smarter decisions, whether you're moving now, later or simply reviewing your options.
If you’re curious about how the current mortgage-rate environment affects your home or property goals, we’d be happy to sit down and discuss your local market here in Mayfield & Wadhurst. While we cannot give mortgage advice, we can offer insights into property values, timing, presentation and demand locally.
Sources from Rightmove and Home Owners Alliance