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Which lender has the lowest tracker mortgage rate after Halifax increases its 3.96% deal?

Halifax has increased its lowest tracker mortgage rate from 3.96%, removing one of the cheapest variable-rate deals available to borrowers.

The change means Barclays currently offers the lowest-priced two-year tracker mortgage for eligible homebuyers, with an initial rate of 3.99% at up to 60% loan-to-value. Santander, HSBC, Halifax and Nationwide also have tracker deals priced close to 4%, although product fees and eligibility rules vary considerably.

Tracker mortgages have become more popular with borrowers looking for an alternative to increasingly expensive fixed-rate deals. However, they are variable mortgages, so monthly repayments can rise as well as fall.

Which lender has the cheapest tracker mortgage?

As of 23 July 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 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 3.56% 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 5.8% 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 4.04% at 60% LTV. HSBC follows closely at 4.05%, while Halifax offers a tracker at around 4.06%. Nationwide’s comparable remortgage tracker is approximately 4.13%.

For borrowers considering a five-year tracker, Barclays currently has one of the lowest rates at approximately 4.35% at 60% LTV. 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.

Average fixed rates have risen recently, while average two-year variable mortgages at 75% LTV are priced at approximately 4.34%. By comparison, average two-year fixed rates at the same LTV are around 5.06%.

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.

A penalty-free tracker may also suit borrowers who:

• receive large annual bonuses;

• expect to sell their property;

• plan to make substantial mortgage overpayments;

• are 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

Even though many mortgage rates have increased over the last ten days, Halifax is still offering higher-earner fixes starting from 4.33%.

Halifax for Intermediaries recently granted brokers such as 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 4.33%, 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-4.4% three-year fix and a five-year fix priced just over 4.3%. 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."

Representative example: A Halifax capital and interest mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.29% for two years and then on the lender's 6.49% standard variable rate for the remaining 28 years. The 4.29% rate would require 25 monthly repayments of £4,967.09 followed by 335 payments of £6,715.52. The total amount repayable would be £2,373,976.45 made up of the loan amount, plus interest (£1,379,329.95) 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

Barclays, Halifax, HSBC, Santander and TSB are increasing selected mortgage rates by up to 0.3 percentage points as rising wholesale funding costs put pressure on lenders.

Halifax is raising two, three and five-year fixed rates for first-time buyers and home movers, while some tracker rates will also increase. Barclays is repricing purchase, remortgage and existing-customer deals, and HSBC is increasing rates across parts of its residential and buy-to-let ranges.

The latest changes follow rate rises from several other major lenders and highlight how quickly mortgage pricing can change. Borrowers approaching a purchase or remortgage may want to secure a competitive deal early, as further increases could follow.

Aaron Strutt, Trinity Financial product director, says: “This Halifax rate change probably means that Lloyds will be pushing up its cheap fixes as well, which undercut virtually all of the other lenders by quite some margin.

“We are starting to see most of the lenders raising their fixes, and Halifax is even making its trackers more expensive, which means it will no longer offer sub-4% variable rate deals. We can probably expect a few more rate changes over the next few days, so it is unlikely to be worth holding off booking a rate if you are buying somewhere or remortgaging. There are still two-year fixes and five-year fixes priced around 4.5%."

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 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

Santander helps buyers borrow more on Octopus Zero Bills new-build homes

Santander has become the first major mortgage lender to support Octopus Zero Bills new-build homes by removing monthly energy bills from its affordability assessment in some cases. Initially, the scheme was launched through Perenna mortgages.

The change could help homebuyers borrow more when purchasing an eligible new-build property with solar panels, battery storage and a heat pump connected to the Octopus Zero Bills smart energy tariff. Octopus guarantees that eligible Zero Bills homes will have no energy bills for at least 10 years, which can reduce household running costs and give buyers more certainty over their monthly outgoings.

Santander says buyers may be able to borrow up to £29,000 more using its bespoke affordability assessment, although the exact amount will depend on the property, mortgage term, loan-to-income limits, underwriting and the applicant’s circumstances.

What is an Octopus Zero Bills home?

An Octopus Zero Bills home is a new-build property designed to produce and manage its own energy. These homes typically combine solar PV panels, battery storage and a heat pump.

When the property is connected to Octopus Energy’s Zero Bills tariff, Octopus guarantees no energy bills for at least 10 years. This can make the running costs of the home lower and more predictable, which is particularly attractive at a time when household bills remain a major concern for buyers.

Santander says its new affordability approach is designed to reflect these lower running costs. Where a buyer does not pass standard affordability, the lender’s underwriters may have the flexibility to remove monthly energy bills from the affordability calculation.

How much more could buyers borrow?

Santander says buyers could unlock up to £29,000 more borrowing when purchasing an Octopus Zero Bills new-build home. The lender’s examples show the potential additional borrowing increasing with larger properties and longer mortgage terms.

For example, Santander’s illustrative figures show additional borrowing of around £10,900 to £12,700 for a one-bedroom property, depending on the mortgage term. For a five-bedroom-plus property, the extra borrowing could range from £25,000 to £29,300. These figures are illustrative, and actual borrowing will depend on the client’s full circumstances and the lender's assessment.

This could be useful for buyers who are close to passing Santander’s affordability calculation but need slightly more borrowing to secure the property.

Why is Santander changing its affordability rules?

Mortgage lenders assess affordability by looking at income, credit commitments, household expenditure and expected mortgage payments. Energy bills form part of that wider affordability picture.

With Octopus Zero Bills homes, the buyer should not have standard energy bills for the guaranteed period. Santander is therefore allowing underwriters to remove monthly energy costs from the affordability calculation where a case needs enhanced affordability and the property qualifies.

This does not mean every buyer will automatically be able to borrow more. If the application already passes Santander’s standard affordability test, the case will proceed as normal. If it fails standard affordability or only produces a lower maximum loan than required, Santander’s New Build Team can review whether the Zero Bills affordability approach can help.

New 10-year fixed rates for Zero Bills homes

Santander has also introduced new 10-year fixed rates for new-build buyers. The lender says these provide mortgage payment certainty that matches the 10-year no-energy-bills guarantee, giving borrowers more certainty over two major household costs: their mortgage payment and energy bills.

A 10-year fixed rate will not suit every borrower, but it may appeal to buyers who want long-term payment stability and plan to stay in the property for several years.

Who could benefit from Santander’s Octopus Zero Bills affordability boost?

Santander’s approach could help:

• First-time buyers purchasing eligible Zero Bills new-build homes.
• Home movers buying energy-efficient new-build properties.
• Borrowers who narrowly miss standard affordability.
• Buyers who need a slightly larger mortgage to secure the property.
• Applicants who want more predictable mortgage and energy costs.
• Families buying larger new-build homes where the potential affordability uplift may be higher.

It may be particularly useful for buyers who are stretching their budget but do not want energy bills to limit how much they can borrow.

How do buyers check if a property is eligible?

Santander says brokers can check whether a property is an Octopus Zero Bills home by entering the postcode into the Octopus Zero Bills Register.

If the property qualifies and the buyer needs enhanced affordability, the broker can contact Santander’s New Build Team. The application can then be passed to an underwriter who may remove energy costs from the affordability calculation.

Aaron Strutt, Product Director at Trinity Financial, says:

“Santander’s decision to recognise Octopus Zero Bills homes in its affordability assessment is a practical and positive step for new-build buyers.

“Energy costs are a major household expense, so if a property genuinely has no energy bills for 10 years, it makes sense for lenders to consider this when assessing affordability. For some buyers, the extra borrowing could be the difference between being able to purchase the property or missing out.

“However, buyers still need to be careful. The property must qualify, the mortgage still needs to fit Santander’s wider lending criteria and the borrower must be comfortable with the repayments. It is important to compare Santander’s approach against other new-build mortgage lenders before applying.”

Should you choose Santander for a Zero Bills new-build mortgage?

Santander may be a good option if you are buying an eligible Octopus Zero Bills new-build home and need additional borrowing to pass affordability.

However, the best lender will depend on your deposit, income, credit commitments, employment type, property value, mortgage term and whether you want a two, five or 10-year fixed rate. Some buyers may get a better outcome with another lender, especially if they do not need the enhanced affordability assessment.

Trinity Financial’s brokers can compare Santander’s Zero Bills new-build approach against the wider mortgage market and check whether it offers the best overall deal.

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 lenders have continued to make their rates more competitively priced over the past three weeks, although the pace of fixed-rate price reductions has slowed significantly.

One small mortgage lender, Gen H, just emailed Trinity Financial's brokers to say its rates are going up by 0.19%. The message said: "You’ve probably read the headlines: more widespread conflict has ticked up in the Middle East – as a result, swaps have climbed overnight and we need to reprice again. Hopefully rates will come back down quickly and big lenders just will be able to absorb the hit on swap rates – but now is probably the time to consider locking in deals for your clients just in case."

Barclays rates are going up marginally, and Coventry Building Society are also raising rates, and more price hikes are likely. Nationwide Building Society has aleady raised it fixed and tracker by up to 0.35%.

Many borrowers are still taking two-year fixes priced around 4.3% and tracker mortgages below 4%, particularly if they expect the Bank of England to cut the base rate from 3.75% this year or next year. Also, if they want more flexibility in the form for low or no early repayment charge products.

Lloyds has launched exclusive Premier two-, three-, and five-year mortgage rates that undercut many of the market's cheapest rates. They are available to Trinity Financial's brokers through Halifax for Intermediaries and to borrowers earning £100,000 or more. The best buy fixed rates start from below 4.15% for eligible first-time buyers and home movers with larger deposits.

Santander has also introduced new remortgage deals between £500,000 and £2 million as competition for higher-value borrowing increases.

However, political developments in the UK and overseas, economic uncertainty and renewed tensions in Iran could affect inflation, swap rates, mortgage pricing and currency markets. With mortgage pricing and exchange rates capable of changing quickly.

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