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Which lender has the lowest tracker mortgage rate after Halifax increases best best deal

Halifax has increased its lowest tracker mortgage rate, which tracked the current 3.75% Bank of England base rate plus a margin of 0.21%, removing one of the cheapest variable-rate deals available to borrowers.

The change means Barclays currently offers one of the lowest-priced two-year tracker mortgages for eligible homebuyers, with an initial rate of 3.99%. Santander, HSBC, Halifax and Nationwide for Intermediaries also have tracker deals priced close to 4%, although product fees and eligibility rules vary considerably.

Tracker mortgages have become more popular among borrowers seeking an alternative to increasingly expensive fixed-rate deals. However, they are variable mortgages, so monthly repayments can rise as well as fall. The most competitively priced two-year fixes and the lowest five-year fixes start from around 4.6%.

Which lender has the cheapest tracker mortgage?

As of 8 August 2026, some of the lowest two-year tracker or variable mortgage rates for property purchases are:

Barclays therefore currently has the lowest headline tracker rate for eligible homebuyers. The 3.99% deal is available to borrowers with at least a 40% deposit or equity and tracks the Bank of England base rate for two years.

Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a variable rate basis at 3.99% for two years and then on the lender's 5.74% standard variable rate for the remaining 28 years. The 3.99% rate would require 24 monthly repayments of £1,912.12 followed by 336 payments of £2,314.85 The total amount repayable would be £823,911.48. This amount is illustrative and may vary, made up of the loan amount, plus interest (£417,154.85) and £999 (product fee), £80 (final repayment charge), £25 (completion fee). The overall cost for comparison is 5.6% APRC representative.

What are the lowest tracker rates for remortgaging?

The tracker deals available to remortgage borrowers can be slightly different from those offered to purchasers.

Barclays currently has a two-year tracker remortgage rate of approximately 4% for those with a 40% deposit. HSBC follows closely at 4.05%, while Halifax offers a tracker at around 4.05%. Nationwide’s comparable remortgage tracker is approximately 4.15%.

For borrowers considering a five-year tracker, Barclays currently has one of the lowest rates at approximately 4.35%. However, committing to a variable rate for five years creates a longer period of exposure to possible Bank of England base-rate increases.

Why have tracker mortgages become more attractive?

The Bank of England base rate is currently 3.75%. Most tracker mortgages are priced at the base rate plus a set margin, so a mortgage priced at base rate plus 0.24 percentage points would currently have a payable rate of 3.99%. Santander confirmed that its current mortgage range is based on a 3.75% base rate.

Unlike fixed mortgage rates, tracker pricing is not directly determined by swap rates. This can make trackers look more competitive when swap rates rise and lenders increase their fixed-rate mortgages.

Tracker mortgages may therefore appeal to borrowers who expect the base rate to fall or who want to avoid fixing at the current level.

Do tracker mortgages have early repayment charges?

Some tracker mortgages come without early repayment charges, making it easier for borrowers to move onto a fixed deal later. Others impose penalties during the initial tracker period.

This distinction can be particularly important for borrowers choosing a tracker as a temporary option while waiting for fixed rates to improve.

An early repayment charge-free tracker may also suit borrowers who:

• Receive large annual bonuses;

• Expect to sell their property;

• Plan to make substantial mortgage overpayments;

• Sre due to receive an inheritance or other lump sum; or

• Want the freedom to switch onto a fixed rate.

Tracker products can differ substantially, and some deals may contain minimum-rate collars or restrictions on overpayments.

Is the lowest tracker rate always the best deal?

The lowest interest rate does not necessarily produce the lowest overall cost.

A tracker with a £1,499 fee may be less suitable for someone with a relatively small mortgage than a slightly higher rate with no arrangement fee. Conversely, borrowers with larger mortgages may save considerably more through a lower interest rate, even after paying a higher product fee.

Borrowers should compare:

• The initial interest rate;

• Arrangement, valuation and legal fees;

• Cashback or free legal work;

• Early repayment charges;

• Permitted overpayments;

• The rate charged after the tracker period;

• Affordability rules; and

• The total cost over the expected period of ownership.

Lenders also have different approaches to employed income, bonuses, commission, self-employed applicants, contractors, foreign-currency earnings and large mortgage loans.

Should you choose a tracker or a fixed mortgage?

A tracker mortgage could be suitable for borrowers who are comfortable with fluctuating repayments and believe interest rates may fall. It may also work well for borrowers who value flexibility and can absorb an increase in their monthly payments.

A fixed mortgage may be more appropriate for borrowers who need certainty and would prefer their repayments to remain unchanged for an agreed period.

There is no guarantee that tracker rates will become cheaper. Inflation, economic data and wider geopolitical events could cause the Bank of England to delay rate cuts or increase the base rate.

Call Trinity Financial on 0808 1642174 to secure a larger mortgage loan, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Nationwide lowers six-times-income mortgage threshold to £75,000 for joint applicants

Nationwide Building Society has made its six-times-income mortgage affordability rules available to significantly more borrowers by lowering the minimum eligible income required for joint applicants.

From Thursday 16 July 2026, new joint applicants may be able to borrow up to six times their combined eligible income when earning at least £75,000. The previous joint-income requirement was £100,000.

The change could help more couples or friends buying together to secure a sufficiently large mortgage when moving home or remortgaging and raising additional funds. Nationwide’s intermediary affordability criteria confirm that the £75,000 minimum now applies to both sole and joint applicants.

Who can qualify for Nationwide’s six-times-income mortgages?

New borrowers may potentially qualify for a mortgage of up to six times their eligible income when they are:

• Moving home; or

• Remortgaging and taking additional borrowing; and

• Earning an eligible income of at least £75,000, whether applying individually or jointly.

The enhanced affordability calculation is available to employed and self-employed applicants, although all applications remain subject to Nationwide’s affordability assessment, credit scoring, loan-to-value restrictions and wider lending criteria.

The change does not mean every borrower earning £75,000 will automatically receive a mortgage equal to six times their income. Nationwide will still examine the applicants’ financial commitments, credit agreements, dependants, regular expenditure and the proposed mortgage term.

For example, a couple with a combined eligible income of £75,000 could potentially qualify for borrowing of up to £450,000. Under a more conventional 4.5-times-income calculation, the maximum would be approximately £337,500.

This represents a potential increase in borrowing capacity of £112,500, although the amount offered will depend on the applicants’ individual circumstances.

What are the rules for existing Nationwide mortgage customers?

Nationwide is also offering enhanced affordability to existing mortgage borrowers who are:

• Moving home;

• Porting their current mortgage; or

• Applying for additional borrowing.

There is no minimum income requirement for qualifying existing Nationwide customers. Someone with an eligible income of £50,000, for example, could potentially borrow up to £300,000, subject to affordability and the lender’s usual criteria.

This may be particularly helpful for borrowers who originally took a Nationwide Helping Hand mortgage in 2021 and are approaching the end of their initial fixed-rate period.

Existing customers should not assume that staying with Nationwide will automatically provide the most suitable option. It can still be sensible to compare Nationwide’s porting or additional-borrowing terms with mortgages available from other banks and building societies.

Does Nationwide offer six-times-income mortgages to first-time buyers?

Nationwide’s Helping Hand mortgage continues to provide enhanced borrowing for eligible first-time buyers. The scheme can offer borrowing of up to six times income, potentially providing around 33% more than Nationwide’s standard income multiple.

Helping Hand has separate eligibility rules from Nationwide’s higher loan-to-income options for home movers and remortgage borrowers. Applicants normally need to take an eligible five or ten-year fixed-rate mortgage and provide a deposit of at least 5%.

Self-employed first-time buyers should take advice before applying because the Helping Hand scheme has different employment criteria from Nationwide’s enhanced affordability options for home movers and remortgage customers.

Why has Nationwide relaxed its affordability rules?

Competition for borrowers requiring higher income multiples has increased considerably. More banks and building societies are now prepared to consider lending at five, 5.5 or six times income for selected customers.

These arrangements can be particularly useful in areas where property prices have risen faster than earnings. They may also help borrowers with strong career prospects or dependable incomes whose borrowing requirements sit slightly above a lender’s standard affordability limit.

The timing of Nationwide’s criteria change is notable because the building society has simultaneously increased selected fixed and tracker mortgage rates by as much as 0.35 percentage points. Its repriced range includes products for first-time buyers, home movers, remortgage applicants and existing customers moving home.

Aaron Strutt, Product Director at Trinity Financial, says: “More banks and building societies are offering mortgages of up to six times salary as they compete to increase their lending volumes. Nationwide is clearly making this change to help more borrowers raise a sufficiently large mortgage to purchase the property they want.

“In many cases, homebuyers do not need to borrow the full 5.5 or six times their income. They may simply need a more generous income multiple to borrow slightly more than the amount available under standard affordability limits.

“The timing is particularly interesting because Nationwide has just increased many of its mortgage rates by up to 0.35 percentage points. When mortgage pricing becomes less competitive, lenders will often look at other ways to attract borrowers, including more flexible affordability or acceptance criteria.

“Nationwide is already one of the leading lenders in the income-stretch mortgage market, particularly through its Helping Hand scheme for first-time buyers. Lowering the joint-income threshold from £100,000 to £75,000 means its higher income multiple will now be available to a much wider group of home movers and remortgage applicants.

“Borrowing six times income will not be suitable or affordable for everyone. However, for borrowers with dependable incomes who need a modest affordability boost, the new rules could make the difference between securing the property they want and having to reduce their budget.”

How Trinity Financial’s mortgage brokers can help you get a mortgage

Mortgage lenders calculate affordability in different ways. Some may offer higher income multiples to borrowers working in particular professions, earning bonuses or commission, receiving investment income, or expecting future increases in earnings.

Trinity Financial’s brokers can compare Nationwide’s affordability calculation with those offered by other banks and building societies. They can also establish how lenders will assess employed and self-employed income, financial commitments, mortgage terms and deposit levels.

A six-times-income mortgage may provide additional borrowing capacity, but the interest rate, arrangement fee, monthly payment and overall cost should also be considered. The lender offering the largest mortgage is not necessarily the lender offering the most suitable deal.

Call Trinity Financial on 0808 1642174 to secure a larger mortgage loan, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Barclays is the latest big bank to announce fixed rate price reductions across its residential purchase and remortgage ranges.

Available from tomorrow (6/8/2026), selected residential rates will see reductions of up to 0.50%

For residential purchase, the lowest two-year fixed rate for those with a 40% deposit is now priced around 4.60% with an £899 arrangement fee. For those with a 25% deposit, the two-year fixed rates have reduced by 0.2%, now starting from just below 4.7%.

Five-year fixed rates have seen smaller rate reductions of up to 0.10%, with the lowest rate now at below 4.60%, available for those with a 40% deposit and it also has a £899 fee.

The largest reductions are to 10-year fixed rates by 0.50% but they are still priced over 5%. It also looks like Barclays is keeping its sub-4% two-year tracker rate. 

Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “Recent market volatility means many homeowners have understandably been keeping a close eye on mortgage rates. We are pleased to announce a number of rate reductions live today across our mortgage range. 

“However, it’s important that homeowners know they don’t always need to hold off on decisions while they wait for rates to change. Many lenders, including Barclays, offer the option to secure a new mortgage up to 90 days before end of their current deal, with the flexibility to switch if a better rate comes along. In periods of uncertainty this can help provide peace of mind for consumers looking to plan their next move.”

Speak to a Trinity Financial adviser today to secure a mortgage

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed low deposit mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Which lender is offering the most competitively priced fixed mortgages?

Even though many mortgage rates have increased over the last three weeks, Halifax is still offering higher-earner fixes starting from 4.46%. 

Halifax for Intermediaries recently granted brokers like Trinity Financial access to Lloyds Premier current account mortgage rates for eligible borrowers earning over £100,000. The rates undercut many fixed-rate mortgages on the market, even though they recently rose by 0.2%. 

The lender’s most competitively priced rate is fixed at 4.46%, and it has a £999 arrangement fee. Applicants will need a 40% deposit to qualify, and the mortgage is available between £25,000 and £2 million. If you would prefer to take a longer-term fix, Halifax also has a sub-4.5% three-year fix and a five-year fix priced around 4.5%. These rates also have £999 arrangement fees, and applicants need to earn over £100,000 to qualify.

Trinity Financial’s mortgage brokers have access to Halifax Intermediaries and can check whether borrowers qualify for Lloyds Premier mortgage rates. To be eligible, at least one applicant must hold a Lloyds Premier current account.

New customers may also be able to open a Lloyds Premier current account before applying for one of the mortgage deals, provided they receive their account number and sort code before the broker submits the mortgage application. The process takes around 30 minutes, and the current account should be opened on the same day.

Aaron Strutt, product director at Trinity Financial, says: "It is not always that tempting to open another current account, especially for a mortgage, but Lloyds is making it worthwhile with current account incentives as well as cheaper fixed rates. There is a lot of competition in the market to attract higher earners at the moment. For customers earning below £100,000, the lowest two-year fixed rate is around 4.6%."

Representative example: A Halifax capital and interest mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.46% until 31/12/2028 and then on the lender's 6.49% standard variable rate for the remaining 28 years. The 4.46% rate would require 27 monthly repayments of £5,043.84 followed by 333 payments of £6,714.17. The total amount repayable would be £2,372,102.29 made up of the loan amount, plus interest (£1,376,343.09) and £999 (product fee), £80 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.3% APRC representative.

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Nationwide will be lowering rates across its fixed mortgage range, supporting first-time buyers, home movers and people remortgaging, it has announced. The new rates will be effective from tomorrow, Tuesday 4 August.

These latest changes will see rates reduced by up to 0.19 percentage points across two, three and five-year fixed rate products. This means Nationwide’s lowest rate now stands at just over 4.50%. The mortgages available to those with smaller deposits have come down more. 

Nationwide has announced some pricing improvements after a few weeks of mortgage rate hikes across the lenders. The building society’s cheapest two-year fix is coming down marginally from around 4.55% to just over 4.50%, and the five-year fix is reducing from around 4.6% to just over 4.50%. Its cheapest two-year tracker is staying at just below 4.10%. Nationwide's most competitively priced rates are normally available for mortgages between £300,000 and £5 million. 

Aaron Strutt, product director at Trinity Financial, says: "Nationwide has clearly been busy given the size of the previous rate hikes that pushed them out of the best buy tables. Hopefully a few more lenders will lower rates again, and we can reverse the scale of the price rises we have seen recently.

"On Friday afternoon, the lender Gen H sent a message to our brokers saying that, after last week’s swap rate spike, things have “turned right round”, meaning the lender could lower rates by up to 0.40%.  The Barclays sub-4% tracker seems to offer the best value at the moment even if there is a base rate increase this year as widely expected."

Nationwide moving "swiftly" to ensure new and existing customers can benefit from drop in funding costs

Carlo Pileggi, Nationwide’s Head of Mortgage Products, said: “After a period of increasing swap rates, recent falls have created an opportunity for us to reduce mortgage rates, and we’re moving swiftly to ensure new and existing customers can benefit. These rate cuts will benefit a wide range of customers – first-time buyers, new and existing customers moving home as well as those remortgaging to Nationwide.”

Nationwide lowers income threshold to qualify for 6 times salary mortgages

Nationwide has lowered the minimum combined income required for joint applicants to access mortgages of up to six times salary from £100,000 to £75,000. Eligible home movers and borrowers remortgaging with additional borrowing may now qualify, whether employed or self-employed.

A couple earning £75,000 could potentially borrow up to £450,000, compared with around £337,500 at 4.5 times income, although all applications remain subject to affordability, credit scoring and Nationwide’s lending criteria. 

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed low deposit mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

The UK housing market has become more favourable for buyers, although it would be misleading to describe every region and property type as a full buyer’s market.

Homebuyers generally have more negotiating power than they did during the highly competitive market of 2021 and 2022. Higher mortgage costs have reduced the number of people actively looking to purchase, while the supply of homes for sale has remained relatively resilient.

Connells Group recorded 1% more homes coming onto the market in the second quarter of 2026 than a year earlier, while sales agreed were 4.2% lower. New buyer registrations also fell by double digits across Great Britain.

This balance means many sellers must work harder to secure a buyer, particularly when their property has been optimistically priced. Especially when they are trying to sell a flat in many cases. While mortgage rates are higher, the lenders typically have more generous acceptance criteria with larger income multiples. 

Are buyers securing properties below the asking price?

Connells data shows there is still demand in the market, but buyers have become more price sensitive and more cautious about stretching their budgets. In Q2 2026, 17% of homes sold above their initial asking price, down from 20% a year earlier and well below the 46% peak recorded in 2022.me every seller will accept a substantial discount. Average prices for sales agreed were still 1.9% higher than a year earlier. This suggests that pricing power has weakened, rather than disappeared completely.

Meanwhile, the middle price bands have been more resilient. Around 17% of homes priced between £250,000 and £500,000 sold above asking price in Q2, only slightly below the average, while the £500,000 to £1m bracket saw the smallest year-on-year fall.

Where do buyers have the greatest negotiating power?

The market varies significantly by region. In London and the South of England, only 13% of homes sold for more than their original asking price during the second quarter. This compares with 21% across the Midlands and the North, where lower property prices have helped demand remain stronger.

London and the East of England were also the only regions in the Connells report where agreed sale prices were lower than a year earlier, falling by 1.9% and 0.7% respectively. Buyers searching in higher-priced southern markets may therefore be particularly well placed to negotiate.

There may also be opportunities involving:

• Properties that have been listed for several months

• Homes where a previous sale has fallen through

• Sellers who have already found another property

• Empty, inherited or tenanted properties

• Homes requiring refurbishment

• Leasehold flats with high service charges

• Properties with short leases or complicated lease terms

• Homes originally marketed at an unrealistic price

Leasehold properties appear particularly exposed. Only 20% of leasehold homes in England and Wales went under offer within a month during the second quarter, compared with 28% of freehold properties. Higher service charges and uncertainty around some lease structures are making buyers more cautious.

Are more people buying homes?

Official transaction figures from Gov.uk show that 98,450 UK residential transactions completed in May 2026 on a seasonally adjusted basis. This was 17% higher than in May 2025 but 2% lower than in April 2026. However, the annual comparison was distorted by unusually weak activity following the stamp-duty changes in April 2025. 

HMRC also points out that completion figures generally relate to offers accepted two to four months earlier, so they do not necessarily show the current strength of buyer demand.

The figures therefore suggest that the market is continuing to function, rather than experiencing either a dramatic rebound or a widespread collapse.

How much should buyers offer below the asking price?

There is no fixed percentage that works for every property. A sensible offer should reflect:

• Recent completed sale prices for comparable homes

• How long the property has been marketed

• Whether the asking price has already been reduced

• The condition of the property

• Likely repair or renovation costs

• The seller’s circumstances and timescale

• The level of competition from other buyers

A property that has just come onto the market at a realistic price may attract several offers. In contrast, a home that has been available for months, needs significant work or has already lost a buyer may offer considerably more scope for negotiation.

Buyers should also remember that the strongest offer is not always the highest. A first-time buyer with a mortgage agreement in principle, a solicitor ready to act and no related sale may be more attractive than someone offering slightly more but involved in a long chain.

Is now a good time to buy?

For buyers with secure employment, an adequate deposit and affordable mortgage repayments, current conditions may provide a useful window in which to negotiate.

There is more choice in parts of the market, fewer properties are selling above asking price and some vendors are becoming more realistic. Buyers may also be able to negotiate over fixtures, completion dates or contributions towards repairs, even when the seller will not accept a substantially lower price.

The opportunity may not last indefinitely. Connells expects mortgage rates gradually to ease and forecasts modest mainstream house-price growth of around 2%. A faster reduction in mortgage rates could encourage more buyers to return, increasing competition and reducing negotiating power.

Aaron Strutt, product director at Trinity Financial, says: “Well-priced homes in desirable locations can still attract plenty of interest, so this is not a buyer’s market everywhere. However, sellers with properties that have been available for some time are often more willing to negotiate, especially if they need to move or have already had a sale fall through.

“Before making an offer, buyers should establish how much they can comfortably borrow and obtain a mortgage agreement in principle. Being financially prepared can strengthen their position and make a lower offer more attractive to a seller.”

Source: Connells Group report

Speak to a Trinity Financial adviser today

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 0808 1642174 to secure a fixed low deposit mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage