Mortgage rate increases: What it means for those taking on building projects

A chalkboard with a model house on it and chalk writing saying "mortgage rates" with an arrow pointing upward
Mortgage rate increases have hit a 15-year record high in 2023, although these could be the peak prices we see following the Bank of England's decision to keep the base rate at 5.25% (Image credit: Getty)

Mortgage rate increases have surged to their highest level in 15 years, surpassing the previous peak observed after last year's mini-budget.

Presently, the average rate for a two-year fixed rate mortgage stands at 6.62%, whilst a five-year fixed rate stands at 6.11% a level not witnessed since the financial crisis in August 2008. 

Joseph Mullane
News Editor

News Editor Joseph has previously written for Today’s Media and Chambers & Partners, focusing on news for conveyancers and industry professionals.  Joseph has just started his own self build project, building his own home on his family’s farm with planning permission for a timber frame, three-bedroom house in a one-acre field. The foundation work has already begun and he hopes to have the home built in the next year. Prior to this he renovated his family's home as well as doing several DIY projects, including installing a shower, building sheds, and livestock fences and shelters for the farm’s animals. Outside of homebuilding, Joseph loves rugby and has written for Rugby World, the world’s largest rugby magazine.

With contributions from