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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 increases mortgage rates as funding costs rise

Nationwide Building Society is increasing selected fixed and tracker mortgage rates by up to 0.20% from Thursday 10 September 2026, affecting First Time Buyer, Home Mover, Remortgage and existing customer deals.

One of the most noticeable changes is Nationwide’s cheapest two-year fixed rate, which is increasing from just below 4.50% to just below 4.65%. The deal had been one of the standout best-buy options for borrowers looking for a competitively priced shorter-term fix.

Nationwide’s cheapest five-year fixed rate is also rising, although by a smaller amount, from around 4.50% to 4.60%.

The lender last changed its mortgage pricing on 18 August, when it made selected rate reductions. Nationwide has therefore held its pricing for longer than many of the other major lenders during a period of rising mortgage funding costs.

How do Nationwide's new rates compare?

There are still cheaper deals available elsewhere, depending on borrowers' circumstances.

Halifax has a two-year fixed rate from around 4.40% with a £999 fee for eligible higher earners who have or open a Lloyds Premier current account. Its more widely available homebuyer two-year fix is around 4.60%.

Santander currently has a two-year home mover fixed rate at just over 4.50% with a £1,499 fee at 60% LTV, although Santander itself increased many fixed rates on 8 September.

Aaron Strutt, Product Director at Trinity Financial, says:

“Nationwide has held off repricing for longer than many of its competitors, but higher funding costs are now feeding through into mortgage rates.

“There are still some competitively priced deals available, and borrowers who are close to buying a property or remortgaging may want to secure a rate rather than assume cheaper fixes will become available in the short term.”

Mortgage rates and lending criteria can change at short notice. Trinity Financial's brokers can compare deals from high-street banks, building societies and specialist lenders to help borrowers find a suitable mortgage.

Speak to Trinity Financial

If you are buying a property and would like to understand how much you could borrow and what your monthly mortgage payments may be, contact Trinity Financial to discuss your options with one of our mortgage brokers.

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

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?

Mortgage rates have been increasing again over the last week, but Halifax is still offering higher-earner fixes starting from 4.40%.

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, and for those earning less than £100,000 the rate is around 4.60%, although Santander has a home mover rate at just over 4.50% with a £1,499 fee for mortgages up to £2 million.   

The lender’s most competitively priced rate is fixed at 4.40%, 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-4.45% 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 4.55%."

Representative example: A Halifax capital and interest mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.34% until 31/12/2028 and then on the lender's 7.24% standard variable rate for the remaining 28 years. The 4.40% rate would require 26 monthly repayments of £5,008.34 followed by 334 payments of £6,714.92. The total amount repayable would be £2,373,100.12 made up of the loan amount, plus interest (£1,377,354.32) and £999 (product fee), £80 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.9% 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

Mortgage rates have become more volatile again, with several major lenders increasing fixed rates as wholesale funding costs rise. While more lenders have raised rates, most changes so far have been relatively small.

Barclays is increasing many of its fixed mortgages, and one of its two-year fixes at 60% loan-to-value is rising from around 4.60% to 4.75%. TSB is raising selected residential fixed rates by 0.15 percentage points from 8 September, and Santander has also pushed rates up by up to 0.25%. Halifax and Nationwide are likely to raise theirs soon, as their rates undercut most other lenders.

Despite the price rises, Santander's lowest fixed rate is just over 4.5%, and Barclays is still offering a sub-4% two-year tracker mortgage.

Why are mortgage rates rising? 

Fixed mortgage rates are heavily influenced by swap rates, which have risen sharply in recent weeks. When swap rates increase, lenders often respond by raising fixed mortgage pricing to protect their margins.

The Bank of England is set to hold rates this month, according to Arbuthnot Latham, but is fully priced to hike by year-end given the underlying inflationary pressures, with speculation growing around fiscal policy ahead of next month’s Budget given the constraints of the UK's public finances and high levels of government debt across the world.

Should you fix your mortgage now or wait?

Borrowers who need a mortgage soon should be cautious about waiting for rates to fall. 

If you are buying a property or your current mortgage deal is ending within the next few months, securing a competitive rate now may provide useful protection if lenders continue increasing prices. Many remortgage borrowers can reserve a new mortgage several months before their existing deal expires. If rates later fall, it may be possible to switch to a cheaper product before completion.

Secure a competitively priced mortgage rate while it is available

Aaron Strutt, Product Director at Trinity Financial, says: “Borrowers should be careful about waiting for fixed mortgage rates to fall, especially if they need a mortgage soon. Swap rates have risen sharply, and major lenders are already raising prices. It can make sense to secure a competitive rate while it is available and review it again before completion if cheaper deals return.

“It is often easier to secure a rate and replace it later than wait and find the deal you wanted has become more expensive. In a volatile mortgage rate market, rates can go up a few times in the space of a week or two, so if you do not watch the market you could end up paying more than necessary potentially for years, especially if you take a five-year fix.”

Speak to Trinity Financial

Trinity Financial's brokers can compare the latest fixed, tracker and remortgage deals and help borrowers decide whether to secure a rate now or wait.

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. 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

Coventry Building Society has significantly increased the amount some first-time buyers can borrow, with eligible applicants now potentially able to secure a mortgage of up to 6.5 times their income.

The move makes Coventry one of a relatively small number of mainstream lenders prepared to offer mortgages at this level and highlights the growing competition between banks and building societies to attract first-time buyers.

Coventry's enhanced income multiple is available on eligible residential purchases up to 95% loan-to-value (LTV), meaning buyers may potentially qualify with a deposit of just 5%.

Applicants need a minimum income of £30,000 for a sole application or a combined £50,000 for a joint application. As with all mortgages, the maximum amount available will depend on the lender's detailed affordability assessment, credit scoring, financial commitments and wider lending criteria.

How much could a first-time buyer borrow at 6.5 times salary?

A mortgage based on 6.5 times income can provide a substantial affordability boost compared with a more traditional four or 4.5 times salary calculation.

For example:

Source: 6.5 times salary mortgage borrowing examples. These figures are examples rather than guaranteed mortgage amounts. Lenders will also assess expenditure, debts, dependants, credit commitments, mortgage term and the size of the deposit.

Why has Coventry increased its first-time buyer income multiple?

Affordability remains one of the biggest obstacles facing first-time buyers, particularly in London and other areas where property prices remain high relative to earnings.

While some buyers can save a reasonable deposit, they may still find that the mortgage offered under a standard income calculation is not large enough to purchase the property they want.

Coventry says its enhanced borrowing is designed to help customers with sufficient income and affordability maximise their borrowing potential.

The society has also increased its lending limits on new-build properties. It will now lend up to 95% LTV on owner-occupied new-build houses and 85% LTV on owner-occupied new-build flats.

More mortgage lenders are offering higher income multiples

Coventry's decision is the latest sign that mortgage lenders are becoming increasingly flexible with affordability.

More banks and building societies now offer selected borrowers mortgages calculated at 5.5 or six times income, although products allowing 6.5 times salary remain relatively unusual.

Nationwide's Helping Hand scheme has proved particularly popular with first-time buyers. Eligible borrowers can potentially access up to six times income, including at up to 95% LTV on qualifying fixed rates.

Higher earners can also access enhanced borrowing through other lenders. HSBC, for example, currently publishes a maximum 6.5 times income multiple for qualifying HSBC Premier customers at up to 90% LTV.

NatWest has also increased its maximum loan-to-income multiple for higher-earning joint applicants. Customers with a joint income of at least £150,000 can potentially access 6.5 times income at 75% LTV or below, subject to affordability.

Aaron Strutt: Coventry's 6.5 times income mortgage is a surprising move

Aaron Strutt, Product Director at Trinity Financial, says: "This is not something I expected Coventry to start offering, but it shows just how keen lenders are to attract more first-time buyers and make it easier for them to secure a sufficiently large mortgage to buy the property they want.

"More banks and building societies are offering 5.5 and six times single and joint income mortgages, but most are still not stretching to 6.5 times salary. Nationwide's six times salary Helping Hand scheme has been incredibly popular, and other lenders clearly want their piece of this market.

"Most first-time buyers will not need to borrow the full 6.5 times salary, but many do need an affordability boost. For buyers struggling with the gap between their deposit, mortgage borrowing and the property price, these higher income multiples can make a significant difference.

"For many first-time buyers, the thought of borrowing up to 6.5 times salary is not particularly appealing, but some will consider it if it means they can finally get onto the property ladder. Policies like this can also mean first-time buyers are less reliant on the Bank of Mum and Dad to bridge the affordability gap."

What about self-employed first-time buyers?

One disappointing aspect of Coventry's enhanced 6.5 times income proposition is that it is not designed for self-employed borrowers.

Coventry is normally a lender Trinity Financial's brokers consider for sole traders and limited company directors, so this restriction may mean self-employed first-time buyers need to look elsewhere if they require a significant affordability boost.

There are other options. Halifax, for example, has enhanced first-time buyer affordability options which can be available to qualifying self-employed borrowers, subject to its affordability assessment and lending criteria.

The important point is that self-employed applicants should not assume the headline income multiple tells them which lender will provide the largest mortgage. Banks and building societies calculate self-employed income in very different ways, including using salary and dividends, net profit or an average of several years' accounts.

Do you have to borrow 6.5 times your salary?

No. 

A lender offering a maximum of 6.5 times income does not mean a first-time buyer should automatically borrow that amount.

For many applicants, borrowing five or 5.5 times income may provide enough money to purchase the property they want.

Higher borrowing also means larger monthly repayments and potentially more interest being paid over the mortgage term. Applicants should consider whether the repayments remain comfortable if their circumstances change or household expenditure rises.

The benefit of lenders increasing their maximum income multiples is primarily choice. It gives mortgage brokers more options when helping buyers whose income supports the mortgage payments but who cannot borrow enough under a conventional affordability calculation.

Can a mortgage broker help me borrow more?

Different lenders can produce dramatically different maximum loan amounts from exactly the same salary.

One bank might offer four or 4.5 times income, while another could potentially lend 5.5, six or even 6.5 times income to the same applicant depending on their circumstances.

There are also substantial differences in how lenders treat:

• Bonuses and commission
• Overtime
• Self-employed income
• Limited company profits
• Contractor income
• Existing loans and credit cards
• Childcare and school fees
• Student loans
• Pension contributions
• Longer mortgage terms

Trinity Financial's brokers compare affordability across banks, building societies and specialist mortgage lenders to establish how much applicants could potentially borrow and which lenders' criteria best suit their circumstances.

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.

Mortgage fixed rates could rise as swap rates spike

Mortgage borrowers hoping fixed rates will continue to fall may need to act quickly after a sharp rise in the swap rates lenders use to price mortgage deals.

Two- and five-year swap rates have risen sharply over the last few days as renewed geopolitical tensions, higher energy prices and inflation concerns have unsettled financial markets. 

The rise is particularly notable because swap rates have moved above levels seen during earlier fears surrounding the Iran conflict.

Will mortgage fixed rates go up?

So far, most major high-street mortgage lenders have not changed their rates apart from NatWest, HSBC and Virgin Money, as well as some of the smaller lenders. However, if swap rates remain at their current levels, we expect lenders to start increasing at least some of their fixed-rate deals.

Aaron Strutt, product director at Trinity Financial, says: "We have seen this pattern many times over recent years. Mortgage pricing can remain relatively stable for a period even while funding costs rise, before lenders suddenly withdraw their cheapest products and replace them with higher rates."

Nationwide recently reduced its lowest two- and five-year fixed rates to just below 4.5%, and the building society is offering some of the most competitive rates on the market. Barclays still has a sub-4% two-year tracker, and the next Bank of England base rate decision is on 17 September 2026.

Should borrowers secure a mortgage rate now?

Anyone buying a property or remortgaging over the coming months may want to review their options sooner rather than later.

In many cases, you can secure a mortgage deal several months before you need it. If rates subsequently fall before completion, our brokers can check whether a cheaper product becomes available.

The mortgage market remains extremely sensitive to movements in swap rates, inflation expectations and geopolitical events. Borrowers should therefore avoid assuming today's cheapest fixed rates will still be available tomorrow or in a few days' time.

Approximately 900,000 UK homeowners are rolling off fixed-rate mortgage deals in the second half of 2026, making up half of the 1.8 million total borrowers facing a refinancing payment hike this year. This is according to UK Finance.

According to Compare The Market, "Any of these homeowners who move onto their current lender’s standard variable rate (SVR) could see their monthly payments jump to £1,432 – a £283 increase, based on an average mortgage debt of £200,250.

"This is equivalent to paying £17,184 annually compared to £13,788 on their previous two-year fixed rate, meaning they could be paying more than £3,000 extra each year."

BBC reports long-term government borrowing costs have risen 

The BBC reports long-term government borrowing costs have risen to a 28-year high, putting further pressure on Prime Minister Andy Burnham and Chancellor John Healey, ahead of their  Budget next month.

The BBC says: "The yield on a 30-year gilt — a loan to the British government — rose to 5.89% on Tuesday, the highest since 1998. Borrowing costs in the US, Japan and Europe have hit similar highs in recent days, reflecting investors' concerns about inflation, state borrowing levels and spending levels by large tech companies on AI."

Trinity Financial's brokers have access to high-street banks, building societies, specialist lenders and private banks and can help borrowers compare the latest fixed and tracker mortgage options.

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

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