Mortgage rates

Find out what your mortgage rate might look like. Whether you’re a first-time buyer or looking to switch, see how our mortgage rates compare and select the right deal for you.

Get a personalised mortgage rate

This will take just a couple of minutes and gives you an idea how much you could borrow, compare monthly repayments, try to find a better rate and more.

 You can use the calculators if you’re: 

  • A first-time buyer  
  • Moving home  
  • Moving your existing mortgage to Halifax, known as remortgaging 
  • Switching your Halifax mortgage deal 
  • Borrowing more. 
Use our mortgage calculators

What are the mortgage interest rates?

A mortgage rate is the percentage of interest that you’ll pay on top of the money you borrow to buy a property. Your Halifax mortgage deal and interest rate might vary depending on several factors, including:  

  • The Bank of England Bank Rate, also known as Base Rate
  • How long your mortgage interest rate is fixed for 
  • The amount of your equity 
  • Product fees 
  • Deposit amount 

Types of mortgages

Repayment mortgage

Every month, your payments go towards reducing the amount you owe and paying off the interest. This means that each month you are paying off a small part of your loan. Your annual statement will show your loan is getting smaller. However, in the early years your monthly payments will mainly go towards paying off the interest, so the amount you owe won’t go down much at the start.
 

Interest-only mortgage

For interest-only mortgages, you only pay the monthly interest on your loan and you don't pay off any of the loan amounts. This means your monthly payments will be less than if you had a repayment mortgage. However, the total cost of an interest-only mortgage will be higher because you’ll be paying interest on the full loan amount throughout the mortgage term.  

With an interest-only mortgage, you’ll need to know from the start how you are going to find a lump sum to repay the loan at the end of the mortgage term. When you apply, we'll ask you to show us that you have a repayment plan(s) in place, to pay off everything that you owe at the end of the mortgage term. 

Types of mortgage rates

You might find lenders offer different types of mortgage rates. Here are some of the main types you could be offered. 

Fixed rates

With a fixed rate mortgage, your interest rate stays the same for the length of your deal, which tends to be between 2 and 10 years.

This can provide peace of mind that your rate will stay the same. However, it does mean that if interest rates fall, you won’t see the benefit. 

Tracker rates

If you have a tracker mortgage, your rate can go up and down – usually in line with the Bank of England Base Rate.

This means that if the Base Rate goes up by 0.25%, your rate will go up by the same amount. On the other hand, if the Base Rate goes down, your rate will also drop by the same amount. This means your monthly repayments could change several times over the term of the rate. 

Standard variable rate (SVR)

The SVR is a rate set by your mortgage lender. It’s the rate you’ll move onto when your current deal ends – if you don’t take out a new deal, you’ll stay on the SVR for the duration of your mortgage.

This is usually the most expensive type of rate, and your lender can decide to change it at any time – up or down. However, you can leave this rate at any time and select a different mortgage deal. 

What factors affect mortgage rates?

A range of factors affect your mortgage rate and eligibility, including:

The Bank of England Bank Rate 

The Bank of England Bank Rate, Also known as the Base Rate often has a significant impact on mortgage rates. The higher the Bank Rate, the higher the interest rate will be on most mortgage deals.   

If you’re a first-time buyer or you want to get a new deal, keep an eye on the Bank Rate. When the Bank Rate drops, you may be able to get a lower mortgage rate.   

Learn more about Bank Rate changes 

A larger mortgage deposit could mean lower monthly repayments. It can also mean you’ll pay less interest on your mortgage. Lenders tend to offer lower rates when you have a better loan-to-value ratio (LTV). 
 

Your credit score 

Lenders will usually do a credit check to find out whether you’re a reliable borrower. They may offer you a lower interest rate if you have a high credit score.
 

Loan term

The loan term is the length of time you’ll take to pay back the money you’ve borrowed.
 

Inflation

Mortgage rates are affected by inflation too. When inflation is high, you might find that lenders increase mortgage interest rates.

First time buying a property?

Find out more about our first-time buyer mortgage deals and how we can help you take your first step on the property ladder. Learn how to apply for an Agreement in Principle and work out how much you could borrow towards your first home, subject to a full mortgage application.

First-time buyer mortgages

Already a Halifax mortgage customer?

Switch to a new mortgage deal

When your fixed rate or tracker mortgage rate ends, you’ll often have to pay the standard variable rate (SVR). This is usually higher than your fixed or tracker rate. Switching to a new Halifax mortgage deal could save you money.

Find out more about switching

Borrow more

Want to make some home improvements, pay for a wedding or put other plans in action? You may be able to borrow more on your mortgage to make your dreams a reality.

Find out more about borrowing

Switch your deal and borrow more

Looking to switch and borrow more? If your current Halifax deal is coming to end, or you're on one of our Lender Variable Rates you could do this at the same time.

Switch deal and borrow more

Support for our mortgage customers

We’ve signed up to the Government’s Mortgage Charter to give Halifax mortgage customers extra support. If you’re worried about making future payments, or you’ve already missed one, find out what we can offer you. 

Get support

Buy to Let mortgage rates

Thinking of buying a property to let out or adding another to your portfolio? Already have a Halifax Buy to Let mortgage?  

Find a deal that works for you from our selection of Buy to Let mortgage offers. We’ll help you check your eligibility and start your letting journey.

View our Buy to Let rates

Frequently asked questions

  • Mortgage rates can stay the same for years or they can change often, depending on various factors and market conditions. Factors like the Bank of England Base Rate, the housing market and the state of the economy can affect mortgage rates. But if you have a fixed rate mortgage, your rate stays the same for the length of your deal. 

    If you’ve already applied for a Halifax mortgage, the rate we’ve offered you won’t be affected by any changes to our mortgage range once the mortgage illustration has been accepted. 

  • You should make sure you can afford to make your monthly payments, including interest. Consider the terms of the mortgage and the length of the product when and how much you’ll have to pay, and whether there are any fees involved.  

    If you’re considering a tracker mortgage, make sure you’ll be able to afford any increases to your repayments if the rate changes. 

  • Mortgage interest rates are, essentially, how much it costs to borrow money from a lender to buy a property. The higher the interest rate, the higher your monthly mortgage payments are likely to be. 

    The type of mortgage you have will determine the type of interest you pay. Fixed-rate mortgages generally come with a higher interest rate, while a variable mortgage will usually be lower but have no guarantee of your interest rate staying at this rate. With an interest-only mortgage, your monthly payments only pay the interest earned on the amount you borrowed. You don’t pay back any of the loan itself. The full loan must then be paid back at the end of the term. 

  • Government schemes like Help to Buy or Shared Ownership are for first-time buyers under certain conditions. If you meet the criteria for using these schemes, you could get financial help with buying your first home. Find out more about government housing schemes.

You could lose your home if you don’t keep up your mortgage repayments