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Barclays (BARC.L) is cutting some of its mortgage rates this week, while other major lenders are holding their deals, as new data revealed that the average UK buyer waits almost three months between receiving a mortgage offer and completing their purchase.

The average rate for a two-year fixed mortgage crept up to 4.75% from 4.74% this week, according to data from Uswitch. Meanwhile, the average five-year fixed deal was unchanged at 5.04%. Those are the average rates on a 75% loan-to-value (LTV) mortgage, meaning buyers need to have at least 25% for a deposit.

The mixture of moves on mortgage deals follows the Bank of England's (BoE) decision to keep interest rates on hold at 4% in September. Analysts suggest imminent, further base rate cuts by the BoE appear unlikely, and uncertainty always foreshadows a budget.

Inflation data, released ahead of the BoE's latest rate decision, showed that the UK's consumer price index (CPI) grew by 3.8% in the year to September, unchanged from July and August.

This stickiness in inflation has investors divided on future rate cuts, with some eyeing a December reduction but most expecting rates to come down early next year.

According to research from Mojo Mortgages, the average UK buyer waits 87 days, almost three months, between receiving a mortgage offer and completing their purchase. This period, often far longer than expected by first-time buyers, is typically consumed by conveyancing, legal checks and administrative processes.

While it takes an average of just 18 days from submitting a mortgage application to securing an offer, completion remains a far longer ordeal.

Read more: Proportion of first-time buyers purchasing homes over £300,000 rises

"Securing an offer is a huge milestone, but our data shows that the finish line for UK homebuyers is often much further away than they anticipate,” said John Fraser-Tucker, head of mortgages at Mojo Mortgages.

“The intricate conveyancing and legal checks required can be a significant source of stress and uncertainty. While mortgage brokers can help to streamline paperwork and communication, buyers need to be realistic about this timeline.”

The data revealed stark regional variations in completion times. Scotland stands out for its relative efficiency, taking an average of 45 days from offer to completion, less than half the UK average. At the other end of the spectrum, London buyers face the longest wait at 94 days, closely followed by the North West (93 days) and the East of England (91 days).

Nationwide Building Society said it has recorded a 53% jump in first-time buyers using its Helping Hand mortgage after it started allowing people to borrow up to six times their income.

The mortgage deal was changed in September 2024, enabling first-time buyers to borrow up to six times their income, increasing from a previous maximum multiple of 5.5 for first-time buyers taking out a Helping Hand mortgage.

Between October 2024 and September 2025, Britain’s biggest building society said about 23,000 people climbed onto the property ladder using the Helping Hand mortgage – marking a 53% increase compared with about 15,000 in the 12 months beforehand.

Regulators have recently acted to ease or clarify lending rules, making it easier for some borrowers to access mortgages.

Nationwide said it reduced stress rates in May, extended Helping Hand to 95% LTV (loan-to-value) on new build houses in June and relaxed Helping Hand minimum income requirements in July.

Henry Jordan, Nationwide’s group director of mortgages, said: “These latest figures for the past 12 months show that our decision to increase borrowing up to six times income has been a game-changer for thousands of first-time buyers."

“But we’re not stopping there, and with the support of government and regulatory changes throughout 2025, we’ve been able to progressively increase our support for potential homeowners.”

Here's more detail on major lenders' mortgage rates this week:

HSBC mortgage deals

HSBC (HSBA.L) has a 4.06% for a five-year deal, with a £999 fee, which is unchanged from the previous week. For those with a Premier Standard account with the lender, this rate is 4.03%.

Looking at the two-year options, the fixed standard rate remains unchanged at 3.90% with a £999 fee.

Both cases assume a 60% LTV mortgage, meaning buyers need to have at least 40% for a deposit.

HSBC (HSBA.L) offers 95% LTV deals, meaning you only need to save for a 5% deposit. However, the rates are significantly higher, with a two-year fix at 4.96% or a five-year fix at 4.89%.

This is because their financial situation and deposit size determine the rate someone can get. The larger the deposit, the lower the LTV, allowing buyers to access better deals because lenders consider them less risky.

NatWest mortgage deals

NatWest's (NWG.L) five-year deal is 4.02% with a £1,495 fee, which is unchanged from last week.

The cheapest two-year fixed deal remains at 3.94%, unchanged from last week. In both cases, you'll need a deposit of at least 40% to qualify for the rates.

Barclays mortgage deals

Barclays (BARC.L) will cut its five-year fixed rate from 4.11% to 4.01%, with a £899 product fee, effective Friday. A two-year fix comes in at 3.92% with a £899 product fee, untouched from the previous week.

Other changes kicking in Friday include:

• 4.87% 5 Yr Fixed £0 product fee, 95% LTV, Min loan £25k, Max loan £570k will decrease to 4.82>#/p###

• 4.28% 5 Yr Fixed £0 product fee, 80% LTV, Min loan £5k, Max loan £2m

• 4.14% 5 Yr Fixed £899 product fee, 75% LTV, Min loan £5k, Max loan £2m will decrease to 4.05>#/p###

• 4.11% 5 Yr Fixed £899 product fee, 60% LTV, Min loan £5k, Max loan £2m will decrease to 4.01>#/p###

• 4.01% Green Home 5 Yr Fixed £899 product fee, 60% LTV, Min loan £5k, Max loan £2m will decrease to 3.91>#/p###

Earlier in the year, Barclays (BARC.L) launched a mortgage proposition to help new and existing customers access larger loans when purchasing a home.

The initiative, known as Mortgage Boost, enables family members or friends to effectively "boost" the amount that can be borrowed toward a property without needing to lend or gift money directly or provide a larger deposit.

Read more: How to sell your home before the budget

Under the scheme, a borrower’s eligibility for a mortgage can increase significantly by including a family member or friend on the application. For example, an individual with a £37,500 annual income and a £30,000 deposit might traditionally be able to borrow up to £67,375, enabling them to purchase a home priced at around £107,875.

However, with Mortgage Boost, the total borrowing potential can increase if a second person, such as a parent, is added to the application. In this case, if the second applicant also earns £37,500 a year, the combined income could push the borrowing limit to £270,000, enabling the buyer to afford a home worth up to £300,000.

Nationwide mortgage deals

Nationwide (NBS.L) offers a five-year fix at 4.22%, unchanged from last week. First-time buyers are looking at 3.99% for a two-year fix, which remains unchanged. Both deals require a 40% deposit and come with a £999 upfront fee.

Eligible first-time buyers can apply for a mortgage with a minimum salary of £30,000 and joint applicants with a combined salary of £50,000. This is expected to support an additional 10,000 first-time buyers each year.

The vast majority of Nationwide’s (NBS.L) high loan-to-income (LTI) lending is conducted through its Helping Hand, which enables eligible first-time buyers to borrow up to six times their annual income. This enables borrowing of up to 33% more than the standard lending amount.

The lender also adjusted its mortgage affordability calculation by reducing stress rates in May by between 0.75 and 1.25 percentage points, helping applicants borrow more, whether buying a first home, moving, or remortgaging.

Applicants can borrow, on average, £28,000 more; however, in some remortgage cases, customers may be able to borrow up to £42,600 more.

Halifax mortgage deals

Halifax, the UK’s largest mortgage lender, offers a five-year rate of 4.09% (also 60% LTV), which is unchanged from last week.

The lender, owned by Lloyds (LLOY.L), offers a two-year fixed-rate deal at 3.87%, with a £999 fee for first-time buyers, which remains unchanged.

It also offers a 10-year deal with a mortgage rate of 4.87%.

Santander mortgage deals

Santander (BNC.L) withdrew its 60% LTV mortgage products for first-time buyers on borrowing of less than £250,000 on two- and five-year terms on 19 September.

A spokesperson for the bank said that the "change was part of a reprice following the changes to swaps after the Bank of England held interest rates". Santander (BNC.L) continues to offer products with LTVs of 85% and above for first-time buyers, with the cheapest two-year fix coming in at 4.31% or 4.45% for a five-year deal.

Cheapest mortgage deal on the market

NatWest (NWG.L) offers the cheapest five-year fixed rate among the major lenders, at 4.02%. When it comes to the shorter two-year fix, Halifax offers the lowest rate, at 3.87%. However, both require a hefty 40% deposit.

A growing number of homeowners in the UK are opting for mortgage terms of 35 years or longer, with a significant rise in older borrowers stretching their repayment periods well into their 70s.

Meanwhile, Skipton Building Society is allowing first-time buyers to borrow up to 5.5 times their income, helping more borrowers get on the housing ladder.

Leeds Building Society recently reduced the minimum household income requirement on its first-time buyer mortgage range. This means single or joint first-time buyer applicants with a household income of £30,000 may now be able to borrow up to 5.5 times their earnings.