How UK Mortgage Interest Rates Actually Work

Fixed vs tracker vs variable

A fixed-rate mortgage locks your interest rate for an agreed period, usually 2 or 5 years.

A tracker rate moves directly with the Bank of England base rate, plus a set margin.

Which is right for you?

It depends on your appetite for payment certainty vs the chance of a lower long-run cost. Use our mortgage calculator to compare monthly payments under different rates.