That approach — lock in, but stay ready to switch — reflects how brokers are managing client conversations right now. Craig Head, of Mortgage Required, acknowledged that rate cuts are a relief after a bruising stretch for the market, but warned against letting that relief cloud the fundamental message.
READ MORE: What the US-Iran ceasefire means for UK mortgage rates
“Given the concerning and rapidly changing situation over the last few months, it’s difficult not to get excited when rates reduce. Brokers haven’t had much to sing about recently and letting clients know there have been some rate reductions gives some welcome respite,” he said. “However, this should be a measured response. This is a constantly evolving situation and remains volatile — securing a rate early and securing your position remains very important, making sure the client can benefit from the reductions but are not left exposed if and when the market turns again.”
Carolyn Dunion, of McKendry Dunion, offered a similar note of caution, pointing to the broader global picture as a reason to temper expectations. She said her firm is encouraging clients to proceed as normal while being mindful not to overstretch themselves. “The global environment is far from certain,” she said.
Chart showing average UK 2-year and 5-year fixed mortgage rates from January to April 2026
2-year fixed (avg) 5-year fixed (avg)
2yr fixed peak
5.89%
Early Apr 2026
5yr fixed peak
5.75%
Early Apr 2026
Swap rate peak
~4.4%
Now easing to ~4%
Products removed
973
Since conflict began
Sources: Moneyfacts, HomeOwners Alliance, Mortgage Introducer. Rates illustrative.
How we got here
The past six weeks have been among the most punishing for rate stability since the mini-budget crisis of 2022. When conflict broke out in Iran, swap rates — the wholesale funding costs that drive fixed-rate mortgage pricing — surged to highs of around 4.4%. Lenders repriced rapidly and repeatedly. The average two-year fixed rate climbed from 4.84% on 6 March to 5.89% by early April, while, according to HomeOwners Alliance, the average five-year fixed rose from 4.95% to 5.75% over the same period. More than 973 products — around 12.7% of the entire market, as reported by Mortgage Introducer.