Tracker Mortgage Rates: What Each Big Lender Adds to the Bank Rate
7 October 2026
Tracker Mortgage Rates: What Each Big Lender Adds to Bank Rate
Tracker mortgage rates move with Bank Rate, so the number that separates one lender from another is the margin it adds on top. This page sets the current tracker mortgage rates from seven big UK lenders side by side in one dated table, for buyers and for remortgages, with the fee, the early repayment terms and the rate each deal reverts to. Mortgage One is a whole of market mortgage adviser comparing tracker and fixed rate mortgages from these lenders and the wider market for each client.
For a free initial consultation on whether a tracker or a fixed rate suits your plans and your LTV band, call 01202 155992 or contact Mortgage One.
Tracker mortgage rates by lender checked on 9 October 2026
At our 9 October 2026 check, the lowest standard 2-year tracker for a buyer at up to 60% loan to value (LTV) was 4.06% from Halifax, Bank Rate plus 0.31, with a £1,499 fee. With a £999 fee, Nationwide led at 4.09%, Bank Rate plus 0.34. Bank Rate stands at 3.75%.
The tables set out tracker mortgage rates in the UK as each lender publishes them, read from that lender's own rate page or broker rate guide. The first shows the lowest LTV band for a purchase and a remortgage, with the margin, fee, early repayment charge and reversion rate. The second shows the same lenders at 75% and 90% LTV.
| Lender | Buying a home | Margin over Bank Rate | Remortgage | Product fee | Early repayment charge | Reverts to |
|---|---|---|---|---|---|---|
| Halifax | 4.06% | +0.31 | 4.06% | £1,499 | None | 7.24% Homeowner Variable Rate |
| Nationwide | 4.09% | +0.34 | 4.17% | £999 | None | 6.49% Standard Mortgage Rate |
| NatWest | 4.10% | +0.35 | 4.16% | £995 | 0.5% in year 1, 0.25% in year 2 | 6.74% Standard Variable Rate |
| Barclays | 4.15% | +0.40 | 4.15% | £999 | None | 5.74% follow-on rate |
| HSBC | 4.15% | +0.40 | 4.22% | £999 | None | 6.24% variable rate |
| Santander | 4.23% | +0.48 | 4.20% | £999 | None | 6.50% Standard Variable Rate |
| TSB | 4.44% | +0.69 | 4.44% | £995 | None | 7.24% Homeowner Variable Rate |
Bank Rate 3.75%. Each lender's standard 2-year tracker for a home mover buying with this lender, and for a borrower remortgaging from another lender. The margin is the amount added to Bank Rate, so every rate moves by the same amount whenever Bank Rate changes. HSBC does not print a margin, so its margin is its rate less Bank Rate. Halifax's £1,499 fee products need a loan of £75,000 to £1,000,000. Products with no fee cost more: NatWest 4.65% and Nationwide 4.74% at 60% LTV. Barclays Premier current account customers can take a 2-year tracker at 3.99% (Bank Rate plus 0.24) on a purchase. First-time buyers pay 4.17% at Nationwide and 4.35% at Santander at 60% LTV. Barclays' follow-on rate is Bank Rate plus 1.99 points.
| Lender | Buying at 75% LTV | Buying at 90% LTV | Remortgage at 75% LTV | Remortgage at 90% LTV |
|---|---|---|---|---|
| Halifax | 4.18% | 4.67% | 4.18% | Not offered |
| Nationwide | 4.20% | 4.66% | 4.23% | 4.72% |
| NatWest | 4.23% | 4.72% | 4.22% | 4.72% |
| Barclays | 4.20% | 4.85% | 4.20% | Not offered |
| HSBC | 4.27% | 4.81% | 4.32% | 4.81% |
| Santander | 4.40% | 5.10% (no fee) | 4.30% | Not offered |
| TSB | 4.49% | Not offered | 4.49% | Not offered |
Where a lender's tracker range stops below 90% LTV: Halifax remortgage trackers reach 85% at 4.36%, Barclays remortgage trackers reach 85% at 4.48%, TSB trackers reach 85% at 4.84% for both purchase and remortgage, and Santander remortgage trackers reach 75%. Santander's 90% purchase tracker carries no product fee. Sources, read 9 October 2026: Halifax Intermediaries rate guide (details correct as at 9 October 2026), Nationwide for Intermediaries product guide with effect from 30 September 2026, NatWest product data on natwest.com (product start date 3 October 2026), Barclays intermediary rate sheet (rates effective 2 October 2026), HSBC moving home and remortgage rate pages, Santander mortgage product comparison calculator (rates correct as at 6 October 2026) and the TSB intermediary product guide with effect from 7 October 2026. Lenders change rates without notice.
Every big lender in the table prices its standard tracker over two years. Once the two years end, the loan moves onto the lender's own variable or follow-on rate, which is why the reverts to column matters as much as the starting rate. At our 9 October 2026 check those rates ran from 5.74% at Barclays to 7.24% at Halifax and TSB.
The margin is fixed for the deal. If Bank Rate rises by 0.25 points, every tracker in the table rises by 0.25 points, and if it falls, they all fall. What a lender can change is the margin it offers new borrowers, which is why the table carries a checked date and is refreshed when a lender reprices.
Which lender charges the lowest margin over Bank Rate?
At our 9 October 2026 check Halifax charged the lowest margin, Bank Rate plus 0.31 at up to 60% LTV, followed by Nationwide at plus 0.34 and NatWest at plus 0.35. Barclays and HSBC sat at plus 0.40, Santander at plus 0.48 and TSB at plus 0.69. The spread between lowest and highest was 0.38 points.
The lowest margin is not always the lowest cost. Halifax asks a £1,499 fee against £999 at Nationwide for a margin 0.03 points lower, so on a two-year deal Halifax only comes out ahead on loans above about £830,000. Below that, the £500 fee difference outweighs the rate saving.
The order also changes with LTV. At 90% LTV for a buyer, Nationwide led at 4.66% and Halifax followed at 4.67%, with NatWest at 4.72%. For a remortgage at up to 60% LTV, Halifax again led at 4.06%, with Barclays at 4.15% and NatWest at 4.16% the lowest on a £999 or £995 fee.
Is a tracker cheaper than a fixed rate right now?
Yes, on the starting rate. At our 9 October 2026 check Nationwide's 2-year tracker for a home mover at up to 60% LTV was 4.09% against 5.04% on its 2-year fix, both with a £999 fee. On a £250,000 repayment mortgage over 25 years that is about £135 a month less while Bank Rate stays where it is.
The trade is exposure to the Bank of England. The fix only wins on interest if Bank Rate averages more than about 4.70% across the two years, nearly a full point above today's 3.75%. A borrower who would struggle if payments rose by that much is buying certainty with a fix, and a borrower who can absorb it is being paid to take the risk with a tracker.
Our analysis of fixed or tracker mortgages weighs that choice in more depth, and our tracker mortgage guide explains how margins, collars and lifetime trackers work.
How a Bank Rate change moves your tracker payment
A base rate tracker mortgage passes every Bank Rate change straight into your rate. On a £250,000 repayment mortgage over 25 years at 4.09%, a 0.25 point rise adds about £35 a month and a 0.50 point rise about £70. A cut works the same way in reverse. The next Bank Rate decision is due on 5 November 2026.
Bank Rate was held at 3.75% on 17 September 2026. Fixed rates are priced from swap rates, which already carry the market's expectations, while a tracker only moves when the Bank of England actually acts. That is why the gap between the two can be wide when markets expect rises that have not yet happened.
Our UK interest rate projection tracks where markets expect Bank Rate to go after each decision, and our record of Bank of England base rate history shows how rarely a run of moves stops at one.
Early repayment charges and switching a tracker to a fix
Six of the seven lenders in the table charge no early repayment charge on their standard 2-year tracker: Halifax, Nationwide, Barclays, HSBC, Santander and TSB. NatWest charges 0.5% in year one and 0.25% in year two. A tracker with no charge can be left at any time, including to fix if the outlook turns.
That flexibility is the real case for a tracker in an uncertain market. A borrower can take the lower rate now and move onto a fixed rate later without a penalty, provided a suitable fix is still available when they want it. NatWest's product data shows a switch to one of its own fixed rates is available from the day of completion.
Check the small print beyond the charge. Santander asks remortgage customers to repay the legal fees it paid if the mortgage is cleared within two years, and a lender's cashback can be clawed back the same way. A tracker with no charge is not always free to leave in the first months.
Comparing tracker mortgage deals on fee, not just margin
The cheapest tracker has the lowest total cost over the deal, fee included. At our 9 October 2026 check NatWest's fee-free tracker at up to 60% LTV was 4.65%, 0.55 points above its £995 version, so the version with the fee costs less over two years on loans above roughly £90,000.
Fee-free trackers suit smaller loans and borrowers who expect to move or switch early, because the fee is spent on day one while the rate saving builds month by month. On larger loans the fee version usually wins. A tracker mortgage comparison that ignores fees can point to the wrong lender.
Every lender in the table has its own page on this site with its full fixed and tracker range, its reversion rate and its rules for existing customers: Halifax mortgage rates, Nationwide mortgage rates, NatWest mortgage rates, Barclays mortgage rates, HSBC mortgage rates, Santander mortgage rates and TSB mortgage rates.
If your current deal ends within the next six months and you want each tracker in the table costed on your own balance against a fix, call 01202 155992 or contact Mortgage One.
Who should look past the high street for a tracker mortgage?
Expats, seafarers, landlords and self-employed borrowers should test lenders beyond this table. The high street banks assess foreign currency income, contract earnings, rental cover and company accounts in different ways, and some decline cases a specialist lender places routinely, so these rates are a benchmark rather than the whole market.
British borrowers living abroad face a narrower set of lenders, and several reduce foreign income or cap the LTV. Our expat mortgage hub explains how those mortgages are placed. Merchant navy, cruise and offshore crew earn on contract cycles that lenders read in different ways, and our seafarer mortgage hub sets out the evidence each lender expects.
Remortgaging borrowers can compare the fixed side of the same lenders on our remortgage rates by lender page. Figures as of 9 October 2026, London.
To have a tracker, a fixed rate and your current lender's offer priced side by side for your income type, call 01202 155992 or contact Mortgage One.
Back to Rate Forecast and Economic Drivers
The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.
FAQs
1. What are current tracker mortgage rates?
On 9 October 2026 the 2-year trackers from the seven big lenders in our table ran from 4.06% (Halifax) to 4.44% (TSB) for a buyer at up to 60% LTV, which is Bank Rate of 3.75% plus a margin of 0.31 to 0.69 points. Rates rise with LTV, to between 4.66% and 5.10% at 90% LTV among the lenders that lend there.
2. Which lender has the lowest tracker mortgage rate?
On 9 October 2026 Halifax had the lowest standard 2-year tracker at up to 60% LTV, 4.06% with a £1,499 fee. With a £999 fee Nationwide led at 4.09%. At 90% LTV Nationwide led at 4.66%. A lender's position can change within days of a repricing, so check the date on any comparison.
3. Do banks still offer tracker mortgages?
Yes. All seven big lenders in our table sell a 2-year tracker to new borrowers, and Barclays also sells a 5-year tracker. Most lend on a tracker up to 85% or 90% LTV for a purchase, and the range is narrower for a remortgage.
4. Will tracker mortgage rates go up?
A tracker rises only when Bank Rate rises, by the same amount. Bank Rate was held at 3.75% on 17 September 2026 and the next decision is due on 5 November 2026. On a £250,000 repayment mortgage over 25 years at 4.09%, a 0.25 point rise adds about £35 a month.
5. Is a tracker mortgage a good idea now?
It depends on how much payment movement you can absorb. On 9 October 2026 Nationwide's 2-year tracker was 0.95 points below its 2-year fix, and the fix only wins on interest if Bank Rate averages more than about 4.70% over the two years. Most big-lender trackers also carry no early repayment charge, so you can fix later.
6. Do tracker mortgages have early repayment charges?
Most big-lender trackers do not. On 9 October 2026 Halifax, Nationwide, Barclays, HSBC, Santander and TSB charged no early repayment charge on their standard 2-year tracker, while NatWest charged 0.5% in year one and 0.25% in year two. Check whether cashback or paid legal fees are reclaimed if you leave early.
7. What happens when a tracker deal ends?
The loan moves onto the lender's variable or follow-on rate unless you arrange a new deal. On 9 October 2026 those rates ran from 5.74% at Barclays to 7.24% at Halifax and TSB. Most lenders let you secure a new deal months before the tracker ends.
8. Do I need a broker to compare tracker mortgages?
No, but a table of rates shows prices, not whether you qualify. A broker checks each lender's criteria against your income, property and LTV, prices trackers and fixes on total cost including fees, and compares them with your current lender's offer. Mortgage One runs that comparison across the whole of market.