Want to see what mortgage rates you could get? Enter a few details below and we'll show you what we could offer, roughly how much it might cost each month plus more about fees and cashback.
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Important information
- Rates correct as at 21 October 2026 and may be withdrawn at any time.
- Mortgage costs are calculated on a repayment basis excluding any product fee and are intended for illustrative purposes only.
- For information on our fees and charges see our Santander tariff of mortgage charges (PDF - 157 KB)
This calculator is for illustrative purposes only.
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Your mortgage rate questions answered
Is understanding mortgage interest rates making your head spin? Don’t get fazed. You’ll find simple answers to complicated-sounding questions below.
In a nutshell, it’s the rate used to work out how much interest you’ll pay on your mortgage. The higher the interest rate, the more you’ll pay. So hunting for a lower rate could help you save money.
Your rate will have a big say on your monthly mortgage payments. But there are other things to look for too, like fees and other charges. Try to look at the overall cost when comparing different mortgages.
There are 2 main types of mortgage rates: fixed and tracker. With a fixed rate, your mortgage interest rate stays the same for a set period. This can make budgeting a whole lot easier. With a tracker rate, your interest rate could go up or down, so your monthly payments could change too.
It’s a tough question because mortgage interest rates move around. And what they are on a particular day depends on a few things like the Bank of England base rate. If the base rate’s high, lenders’ rates are usually higher too.
The average rate you’re offered also depends on the type of mortgage you’re after, how much you want to borrow and the size of your deposit. Whether you choose a fixed or tracker interest rate can also make a difference.
When you compare mortgage rates, don’t just look at the interest rate on its own, compare the full cost of the mortgage.
This depends on the mortgage you want and the position you’re in. But there are some things that usually help. The size of your deposit, for starters. Having a bigger deposit might help you get deals with a lower mortgage interest rate.
When you compare mortgage rates, focus on how much you can comfortably afford each month. And don’t forget about fees and other costs. The lowest interest rate might not be the cheapest mortgage in the long run. Go for the overall deal that suits you best, not just a rate that makes your eyes pop.
Working this out can feel a bit like checking the weather before a trip to the seaside. The outlook can be changeable.
This is because mortgage rates can move for several reasons. Take the Bank of England base rate, for example. This can shift the whole market. So keep an eye on the news.
Having said that, a base rate fall doesn’t always mean lenders’ mortgage interest rates will drop right away, or even by the same amount.
So, focus on the total cost of the mortgage and what works for you. If you think mortgage rates might go down, go for a tracker rate. But if you’re worried they’ll go up, think about a fixed rate instead.
It’s basically down to the Bank of England base rate and a few other factors working behind the scenes. For example, there’s the economy, the financial markets, and the lenders’ own costs, which also go up and down.
But the mortgage rates you’re offered also depend on your own circumstances. Lenders look at how much you want to borrow and how much deposit you can put down.
That’s why the deals you see advertised might not be the ones you actually get. So when you compare mortgage rates, don’t just fall in love with a headline figure. Check out the fees and overall cost too.
Lenders don’t follow a timetable that’s set in stone. Instead, mortgage rates go up and down depending on things like the Bank of England base rate, how the economy’s doing, and whether lenders’ costs have changed too.
But changing interest rates only impact you straight away if you’re on a tracker deal. If you’re on a fixed mortgage interest rate, your monthly payment stays the same until your deal ends – no matter what the markets are up to.
Yes, for sure. Mortgage rates go up and down several times a year. They can change week to week too. But the question that matters is what this means for you. And that depends on the type of mortgage you have.
If you’re on a tracker deal, shifting mortgage interest rates means your monthly payments could change. But if you’re on a fixed deal, your payments will stay the same until your deal ends.
Your monthly payments depend on how much you borrow, your mortgage interest rate, and your mortgage term. Your lender will tell you how much your payments will be before your mortgage starts.
Want to get an idea right now? Our mortgage rates calculator will do some number-crunching and give you a good estimate. The final number could go up or down once you make a full mortgage application though.
It’s what you pay each month until your mortgage’s paid off. But remember that your payments could go up and down depending on what type of mortgage you go for.
Want to compare mortgage rates? Test drive our mortgage rates calculator to estimate what your payments might actually be.
A lot goes into working this out. It depends on how much you’re borrowing, how long you want to borrow it for and your deposit. Interest rates may also be different depending on if you’re buying your first home, moving or remortgaging. Want to get a quick idea now? Take our mortgage rates calculator for a spin. This will give you a good estimate and help you compare mortgage rates.
A low mortgage rate can really catch your eye. But remember there’s more to consider too, like the different fees and other costs. You might want to pay your mortgage back early, for example. And that might come with an early repayment charge.
So don’t forget – the overall cost of the mortgage is the most important thing when you compare mortgage rates. And look out for things like cashback, product fees, early repayment charges and other exit costs.
It’s your call. You might not want to fix your rate at all if you like the idea of a tracker deal and think interest rates might go down.
But if your gut tells you to fix, think about your budget and how much you can afford each month. Don’t forget that your circumstances might change during your deal too.
A longer fixed period gives you peace of mind. You can sleep easy knowing exactly what your payments will be for longer. On the flipside, a shorter term fixed rate will let you review your options sooner, which could work out nicely if rates go down.
Just remember that most fixed rate mortgages come with an early repayment charge. So you might have to fork out more if you make changes to your mortgage before your fixed period ends.
The bottom line? Take time to consider what matters most to you, whether that's long-term certainty or greater flexibility.
Interest rate
The interest you’ll pay worked out as a percentage of your loan amount. It helps set your monthly payments alongside your total loan, repayment method and term.
Tracker rate
This is a mortgage interest rate that varies. So the amount of interest you pay, and your monthly payments, could go up or down during your deal.
Fixed rate mortgages
These are mortgages with a fixed interest rate. So the amount of interest you pay, and your monthly payment, stays the same for a set period of time.
Monthly payment
How much you’ll pay each month during your mortgage deal. You’ll keep making monthly payments until the end of your mortgage term.
Loan to value (LTV)
Your LTV is the amount of money you borrow as a mortgage compared to the property value, shown as a percentage. For example, if you’re buying a home for £300,000 and you’re borrowing £285,000, your loan to value is 95%.
Total cost
The total amount you’ll pay back over the whole mortgage term. It includes the money you borrowed, interest and any fees too.
Standard Variable Rate
This is a lender’s variable mortgage interest rate. You might move to their standard variable rate automatically when your deal ends.
Annual Percentage Rate of Charge (APRC)
The APRC shows the total cost of your loan each year as a percentage. It’s a figure all mortgage lenders should give you to help you compare different offers more easily. It includes the interest rate and other fees to give you an overall cost for your full term, so you can see which deal will cost you less.
Repayment methods
When you take out a mortgage, you’ve got the choice of 3 ways to pay it back:
Repayment mortgage
Sometimes called ‘capital and interest’.
Your mortgage payment covers the interest and reduces the amount you owe (as capital). As long as you keep up your payments, your mortgage will be fully paid off at the end of the term.
Interest only mortgage
Your monthly payment covers just the interest. The amount you borrowed isn’t paid off, so you’ll need a plan to pay back the full balance at the end of the term. For example, selling your home and downsizing or using investments.
If you choose interest only, you’ll need to be confident you’ll have enough set aside to clear the balance when your mortgage ends.
Part repayment, part interest only
Your mortgage is split into separate loans. One part goes down over time (repayment), and the other part doesn’t (interest only).
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Applications are subject to status and lending criteria. Applicants must be UK residents aged 18 or over. The amount we will lend depends on your circumstances, the amount borrowed and the property. A higher deposit may be required for a flat or new build.