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How to choose the right mortgage
The three main mortgage types in the UK are fixed rate, tracker, and variable (SVR). A fixed rate locks your payments for a set period (typically 2 or 5 years), giving you certainty. A tracker moves with the Bank of England base rate, so payments can go up or down. SVR is your lender's default rate after a fixed or tracker deal ends — almost always more expensive.
Which type suits you depends on your circumstances: how long you plan to stay, whether your income is stable, and how comfortable you are with payment fluctuations. First-time buyers often benefit from the certainty of a 5-year fix, while experienced remortgagers may prefer the flexibility of a shorter deal.
Your Loan-to-Value (LTV) ratio — the mortgage as a percentage of the property price — is one of the biggest factors in your rate. Dropping below 90%, 80%, 75%, or 60% LTV each unlocks progressively better rates. If you're close to a threshold, increasing your deposit slightly can save thousands over the mortgage term.
Understanding mortgage rates in 2026
Mortgage rates are influenced by the Bank of England base rate, swap rates (which lenders use to price fixed deals), and competition between lenders. The base rate sets a floor for tracker and variable mortgages, while fixed rates are priced off swap rates which reflect market expectations of future rate movements.
When comparing deals, look beyond the headline rate. Factor in arrangement fees (typically £500–£2,000), early repayment charges, and the rate you'll revert to when the initial deal ends. A slightly higher rate with lower fees can work out cheaper overall, especially if you're borrowing a smaller amount.
Frequently asked questions
- What type of mortgage should I get?
- It depends on your situation. If you want payment certainty and plan to stay for 5+ years, a 5-year fixed rate is usually the safest choice. If you might move within 2 years, a tracker with no early repayment charges gives you flexibility. If you're remortgaging and rates might fall, a shorter fix lets you switch sooner. Use the advisor above to get a personalised recommendation.
- Is a fixed or variable mortgage better in 2026?
- Neither is universally better — it depends on whether rates rise or fall. Fixed rates protect you if rates increase, but you miss out if they drop. In 2026, 5-year fixed rates are often cheaper than 2-year fixes, making them attractive for buyers planning to stay. A tracker can save money if the base rate falls, but carries risk if it rises.
- What is a tracker mortgage?
- A tracker mortgage has an interest rate that follows the Bank of England base rate, plus a fixed margin (e.g., base rate + 1%). When the base rate changes, your payments change too. The main advantage is flexibility — most trackers have no early repayment charges, so you can switch or overpay freely. The risk is that payments can increase if the base rate rises.
- Does my deposit size affect my mortgage rate?
- Yes, significantly. Your Loan-to-Value (LTV) ratio is one of the biggest factors in the rate you're offered. Key thresholds are 95%, 90%, 85%, 80%, 75%, and 60% LTV. Each step down typically shaves 0.1–0.3% off your rate. For example, a 75% LTV deal might be 0.5% cheaper than a 90% LTV deal — saving hundreds per month on a large mortgage.
- Should first-time buyers get a fixed rate?
- Most first-time buyers benefit from a fixed rate because it makes budgeting easier when finances are tight. A 5-year fix is often recommended as it gives stability through the early years of homeownership. First-time buyers also get stamp duty relief on properties up to £500,000 (no SDLT on the first £300,000), and may be eligible for government schemes like Shared Ownership or Lifetime ISA bonuses.
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