Barclays has announced a fresh round of mortgage rate reductions this week, while other major UK lenders have chosen to hold their current deals steady. This comes as new figures reveal that the average homebuyer in Britain now waits nearly three months to complete their purchase after receiving a mortgage offer.
According to Uswitch data, the average rate on a two-year fixed mortgage inched up slightly to 4.75% from 4.74% last week. Meanwhile, the average rate on a five-year fixed deal remained unchanged at 5.04%. These figures apply to 75% loan-to-value (LTV) products, meaning buyers typically need a deposit of at least 25%.
The recent adjustments across lenders follow the Bank of England’s decision to hold the base rate at 4% in September. Analysts have suggested that any immediate base rate cuts are unlikely, particularly with ongoing inflation concerns and uncertainty ahead of the government’s upcoming Budget.
Inflation data released prior to the Bank’s latest meeting showed the Consumer Price Index (CPI) holding steady at 3.8% in the year to September. This stubbornly high figure has divided investors, with some anticipating a rate cut before the end of the year, while others believe any changes will come early in 2026.
Research from Mojo Mortgages found that UK buyers are currently waiting an average of 87 days—almost three months—between receiving their mortgage offer and finalising the purchase. This delay is often due to the lengthy legal and administrative steps involved in conveyancing, which can surprise first-time buyers expecting a quicker process.
It typically takes around 18 days to progress from a mortgage application to an official offer. However, the following weeks are often consumed by legal checks, surveys, and other procedural steps before completion can take place.
John Fraser-Tucker, head of mortgages at Mojo Mortgages, said that while securing an offer is a major achievement, buyers should be aware that the process doesn’t end there. He noted that the conveyancing stage can be a major source of stress, but working closely with brokers can help streamline communication and reduce paperwork delays.
Completion times vary greatly across the country. Scotland has proven the fastest, with the average buyer completing their purchase in just 45 days. In contrast, those in London face the longest wait—averaging 94 days—followed closely by the North West at 93 days and the East of England at 91 days.
Nationwide Building Society also reported a significant increase in the number of first-time buyers using its Helping Hand mortgage scheme. The product, which now allows borrowing up to six times annual income, saw usage rise by 53% in a year, helping around 23,000 buyers onto the property ladder between October 2024 and September 2025.
Nationwide has recently made several changes to improve accessibility, including lowering stress rates in May, expanding the scheme to cover 95% LTV new-build homes in June, and relaxing minimum income rules in July. These measures, according to the lender, have helped thousands of new buyers secure homes.
Meanwhile, Barclays is reducing several of its fixed-rate products effective this Friday. Its five-year fix will drop from 4.11% to 4.01%, while the two-year fixed deal remains at 3.92%. Other rate cuts include reductions across 95%, 80%, and 75% LTV tiers, making borrowing more competitive for a broader range of buyers.
Earlier this year, Barclays introduced its Mortgage Boost initiative, designed to help buyers increase their borrowing capacity. The scheme allows family or friends to contribute their income to the mortgage application without needing to provide additional cash or a larger deposit.
For instance, a single buyer earning £37,500 with a £30,000 deposit might typically afford a £107,000 home. With the Mortgage Boost scheme, if a parent earning the same salary joins the application, total borrowing could rise to £270,000—opening access to properties worth around £300,000.
Other major lenders are keeping rates steady for now. Halifax’s two-year fixed rate remains at 3.87%, while NatWest’s five-year deal continues to lead the market at 4.02%. Nationwide’s five-year fix is unchanged at 4.22%. These figures generally apply to buyers with deposits of 40% or higher.
While most lenders are maintaining caution, experts believe the mortgage market remains stable despite slower economic growth. Many homeowners with fixed-rate deals set to expire this year are watching closely, hoping the Bank of England will continue to ease pressure on borrowing costs.
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