Mortgage Rates Today: Compare Fixes, Tracker, and SVR Side by Side

Formulas used 📐

Monthly payment (repayment mortgage): M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Here P is balance, r = (annual rate ÷ 100) ÷ 12, and n = years × 12. Tracker nominal APR = BoE% + margin%. Two-year fix total cash ≈ 24 × monthly payment + product fee (other fees ignored for simplicity).

Calculation steps

Disclaimer — Important Note

⚠️This tool is for education only. It is not regulated mortgage advice, a formal illustration, or an offer of lending. Lenders apply individual underwriting, fees, cashback, and ERC rules that can change outcomes. Always confirm figures with a qualified adviser and your lender before you commit.

Chronological context (timeline)

• Aug 2023BoE Bank Rate reaches 5.25% — highest in over a decade
• Aug 2024MPC begins easing cycle from peak as inflation cools
• Nov 2025Swap markets reprice path for 2026 cuts
• Mar 2026Households search mortgage rates today as fixes mature in bulk
• Mar 2026Comparison sites refresh 2-year and 5-year bestsellers weekly amid competition

Why “mortgage rates today” is a moving target

Lenders reprice products weekly based on swap curves, funding costs, and competition. The Bank of England base rate sets the tone for trackers, but fixed rates hinge on market expectations of future BoE moves. That is why two banks can show different headline rates for the same LTV on the same morning — always get a Decision in Principle before you treat a listed rate as final.

Tracker vs fix in the current UK cycle

After cuts from the 5.25% peak, many households weigh a tracker (base + margin) against a 2- or 5-year fix. Trackers benefit automatically if the MPC keeps easing; fixes cap worst-case payments if inflation or geopolitical shocks delay cuts. This calculator holds both side by side using numbers you paste from real offers.

The remortgage cliff and timing

Industry data shows millions of fixed deals maturing through 2025–2026. Most lenders let you lock a new rate 3–6 months before expiry. Model your balance and term here, then compare the payment you would face on SVR versus a new fix — the gap is often thousands of pounds a year.

Fees, LTV, and stress tests

Arrangement fees, valuation charges, and legal costs change the true cost of a low advertised rate. The FCA's affordability rules still stress your finances at a higher rate than your contract rate — so the cheapest headline deal is not always the one you are offered. Use the fee field to approximate two-year all-in cost for quick comparisons.

SVR: when it makes sense (rarely)

Staying on SVR can be rational if you are selling within weeks or clearing the mortgage imminently. For most people with a year or more left on the loan, switching to a competitive product dominates. The payment gap in this tool between SVR and tracker or fix is the budget signal.

Overpayments and ERCs

Many products allow 10% annual overpayment without early repayment charges. Overpaying £150/month on a mid-single-digit rate often beats instant-access savings after tax. Check your deed for ERC windows before fixing if you plan large lump-sum paydowns.

First-time buyers vs homemovers

First-time buyers often optimise for smaller deposits and longer terms; homemovers optimise around equity and shorter remaining terms. The same headline rate produces different monthly cash flow when the term or balance changes — adjust both fields to mirror your offer letter.

Data sources to double-check offers

Cross-check illustrative rates with the Bank of England statistical releases, your broker's sourcing system, and lender PDF offer keys. This page is educational and uses your inputs only — it is not a quote or advice.

How this calculator works

Monthly payments use standard amortisation. Tracker APR is BoE base + margin. Two-year total cost for the selected fix includes one product fee as entered. Rounding may differ from lender systems by a few pounds.

LTV bands and why your rate differs from the headline

Best-buy tables often assume 60% LTV and a clean credit file. At 75% or 90% LTV the same lender may price several tenths higher — or exclude certain fees. If your balance is lower after years of paydown, you might have crossed an LTV notch that unlocks cheaper tiers; remortgage valuations matter.

When comparing tracker vs fix, keep LTV constant in your head: the tracker margin you type should be the one you are offered today, not a generic press-release figure.

Porting, further advance, and second-charge thinking

Porting lets you move a deal to a new property but often triggers a fresh valuation and affordability check. Further advances stack a new loan slice at a different rate — your blended cost can sit between the numbers you model here. Second charges are rarer on residential but appear in debt consolidation stories; they do not replace first-charge payment modelling.

This calculator assumes one homogeneous balance at one rate per product type — split loans need a spreadsheet for weighted averages.

Green mortgages and EPC-linked pricing

Some lenders rebate arrangement fees or shave basis points for A–B EPC bands. If you qualify, reduce the fee field or nudge the fix rate downward to approximate the marketing bundle — always verify eligibility rules (often minimum loan sizes and term caps).

Energy improvement loans can interact with mortgage affordability tests; treat green discounts as modest unless your offer letter states otherwise.

Interest-only vs repayment (scope note)

This page models capital-and-repayment loans. Interest-only products need a credible repayment strategy and often carry higher rates; monthly payments look cheaper but the balance does not fall — do not compare IO payments directly to repayment fixes without considering principal run-off.

Buy-to-let stress tests (landlords)

BTL underwriting applies interest coverage ratios and stressed rates that can exceed your pay rate. Landlords may still use this tool for like-for-like cash comparisons between products, but approval limits will be tighter than owner-occupier residential tests.

Shared ownership and Help-to-buy legacy cases

Staircasing changes rent-plus-mortgage mixes. Model only the mortgage slice here; add housing association rent manually to your budget. Legacy equity loan portions can alter effective LTV when you remortgage — check redemption statements before assuming your balance equals equity share.

Offset and flexible facilities

Offset mortgages charge a slight premium but reduce interest by your linked savings balance. If your offset pot is stable, lower the effective rate you type for the tracker or fix to approximate net interest — e.g. 0.15–0.30pp below the headline if your average offset equals several years of payments.

Cashback offers and free legals

Cashback alters net present value but not monthly amortisation. Subtract cashback from the fee field (negative fee as £0 floor) mentally, or reduce effective fee by the cashback amount spread across 24 months when comparing two-year products.

Insurance bundles (MPPI, buildings) — avoid double counting

Some legacy packs bundled MPPI or buildings cover with marginally higher rates. Strip insurance premiums out when comparing pure mortgage rates; this calculator ignores insurance by design.

Arrears, forbearance, and modified terms

If you are in a temporary concession programme, your statement rate may not match market tables. Use the actual rate applied each month until you exit forbearance, then rerun scenarios for clean-market products.

Joint incomes and guarantor loans

Affordability is joint, but the debt is usually joint-and-several. Payment modelling is unchanged — enter the mortgage balance outstanding, not per-person income splits, unless you are modelling separate loans.

Worked example (numbers only — illustrative)

Balance £200,000, term 25 years, BoE 3.75%, tracker margin 0.49% → tracker nominal 4.24%. Suppose a 2-year fix at 4.15% with £999 fee and SVR 7.35%.

• Monthly tracker ≈ £1,077 (formula output varies slightly with rounding).
• Monthly 2-year fix ≈ £1,068 before fee — visually close, fee tilts 2-year total.
• Monthly SVR ≈ £1,468 — large recurring gap versus both tracker and fix.
• Two-year cash: add 24 × monthly fix + £999 and compare to 24 × tracker.

Replace every figure with your actual illustration — the structure of the comparison is what matters.

England, Scotland, Wales, and Northern Ireland — process nuances

Scotland uses different home report conventions; Wales has distinct Land Transaction Tax; Northern Ireland markets are thinner with fewer active lenders — rate tables can look different even when BoE is identical. The payment maths is still the same once you know balance, term, and nominal rate.

In high-demand English cities, chain risk can push you toward slightly longer fixes to avoid repricing between exchange and completion — a behavioural factor this calculator does not model, but it may justify paying a small premium for certainty.

Always confirm whether your product is portable if you might relocate across devolved jurisdictions within the deal period.

Self-employed and contractor underwriting

Lenders average SA302s or use operating profit multiples. You might be offered a higher rate or smaller loan than a PAYE peer even if the advertised best-buy looks identical online. Use this tool after you know the rate you are offered, not the headline press rate.

New-build incentives and developer contributions

Deposit contributions reduce net LTV at completion. Model the post-incentive balance here; if incentives are staged, use the balance net of all credits that have actually cleared at drawdown.

Later-life and retirement interest-only (RIO) — scope

RIO and lifetime products use different affordability tests (often pension income and property equity). This repayment calculator will not reflect their payment mechanics — seek specialist later-life advice.

Glossary quick hits

SVR

Standard variable rate — lender-controlled reversion rate.

ERC

Early repayment charge on fixes during the deal period.

KFI / ESIS

Key facts illustration — regulatory summary of your offer.

Swap rate

Market hedge rate driving fixed mortgage pricing.

BoE MPC calendar habits and rate volatility

Markets often drift the week before MPC prints. If you lock a remortgage offer, ask how long the rate is guaranteed — some lenders extend if the decision slips. Trackers reset on published base rate with a short lag defined in your terms (often next payment month).

Swap curve steepness influences whether 5-year fixes trade below 2-year fixes. When the curve inverts, shorter fixes can look expensive relative to longer locks — your inputs should reflect live quotes, not yesterday's newspaper table.

Volatility clusters around inflation prints and fiscal events. If you are risk-averse, a fix can be insurance against whipsaw even if the expected value slightly favours a tracker on paper.

Use the BoE sensitivity chart in this tool as a teaching aid: small base-rate moves produce measurable payment shifts on large balances.

Keep an eye on APRC in illustrations — it annualises fees and incentives, helping compare unlike-for-like products beyond the headline rate alone.

Broker fees vs direct-only deals

Some direct-only products skip broker commission but require you to self-serve. If you pay a broker £495, amortise that like a product fee across your chosen horizon before deciding if their rate access is worth it.

Whole-of-market brokers may surface regional building societies with niche criteria fits — the rate you finally type here might beat the top five banks on aggregators.

Always disclose incentives (cashback, free valuation) so comparisons stay honest — regulators expect clear fair-value communication.

Credit score maintenance before application

Avoid new hard searches before remortgage if possible, pay down revolving credit utilisation, and ensure electoral roll alignment. Rates you type here assume you clear lender score thresholds — borderline files see higher margins.

If you are correcting errors on your credit file, complete disputes before the DIP hard search to avoid last-minute offer changes.

Joint applicants combine profiles; one weak score can drag pricing — model the rate you are actually offered, not a generic best buy.

Stable employment history helps, but contractors with two-year accounts can still access prime tiers — the key is documented sustainable income.

Keep six months of bank statements clean: gambling spikes and returned DDs trigger manual underwriting slows.

FAQ