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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.
You might find lenders offer different types of mortgage rates. Here are some of the main types you could be offered.
A range of factors affect your mortgage rate and eligibility, including:
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).
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.
The loan term is the length of time you’ll take to pay back the money you’ve borrowed.
Mortgage rates are affected byinflation too. When inflation is high, you might find that lenders increase mortgage interest rates.
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.
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.
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.
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.