Remortgaging Jumps Ahead of Thursday’s Bank Rate Decision

Ahead of this Thursday’s Bank Rate decision, new figures from the Bank of England show remortgaging jumped in September. Approvals for remortgaging rose to 42,600, up from 34,000 in August, while the average rate on new mortgages edged up to 4.63%. The Bank’s Monetary Policy Committee announces its next decision on Thursday 5 November 2026.

Here are the 5 things worth knowing if your fixed rate is ending, or you’re buying, taken from the Bank of England’s Money and Credit release published on 29 October 2026 and the Office for National Statistics’ latest inflation figures.

1. Remortgaging jumped by about a quarter

Approvals for remortgaging, where someone moves their mortgage to a new lender, rose to 42,600 in September, up from 34,000 in August. That’s an increase of about 25%. The Bank of England notes these figures only capture remortgaging with a different lender, so people switching to a new deal with their existing lender aren’t counted.

2. Home-buying approvals dipped slightly

Mortgage approvals for house purchases, which the Bank of England describes as an indicator of future borrowing, fell slightly to 53,400 in September, from 54,800 in August. Net mortgage borrowing also eased, to £3.9 billion from £4.2 billion.

3. Average mortgage rates edged up

The average interest rate on newly drawn mortgages, known as the “effective” rate, rose to 4.63% in September, from 4.60% in August. The average rate on all outstanding mortgages rose to 4.03%, from 4.00%.

These are averages across all new lending, so the rate you’re offered will depend on your deposit, your circumstances and the type of deal.

4. Inflation rose to 3.5%

The Office for National Statistics reported that consumer price inflation rose to 3.5% in September, from 3.1% in August. Motor fuels made the largest upward contribution.

Inflation is one of the main things the Bank of England looks at when it sets Bank Rate. At its September meeting, the Monetary Policy Committee said it expected inflation to rise further, to about 3¾% in the last three months of 2026, and that the risks to the inflation outlook were “tilted to the upside”.

5. The Bank Rate decision is on Thursday 5 November

Bank Rate is currently 3.75%. At its last meeting, on 17 September 2026, the Monetary Policy Committee voted 6–3 to keep it there, with three members voting to raise it to 4%. The Committee said it “stands ready to act as necessary”.

Nobody can know in advance what the Committee will decide. We’ll publish the result and what it means on the day.

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What this means for you

If your fixed rate ends in the next six months, you can usually arrange your next deal up to six months ahead, so it starts as soon as your current one finishes. Our guide to what happens when your fixed rate ends explains your options, and our remortgage guide covers the costs and timing.

If you’re buying, our guide to how much deposit you need explains how your deposit affects the rates you could be offered.

Sources

• Bank of England – Money and Credit – September 2026 (29 October 2026)
• Office for National Statistics – Consumer price inflation, UK: September 2026 (21 October 2026)
• Bank of England – Bank Rate maintained at 3.75% – September 2026
• MoneyHelper – Can I change my mortgage provider?

Published 1 November 2026. This bulletin reflects the figures published on the dates shown. It’s general educational information only and is not regulated financial advice.