Fixed vs Tracker Mortgage Rates 2026 — Updated October 2026
- best 2yr fix
- 4.69%best 2yr fix
- best 2yr tracker
- 3.99%best 2yr tracker
- gap today
- 0.70%gap today
- next BoE decision
- 5 Novnext BoE decision
In October 2026 the best 2-year tracker (3.99%, Barclays) is 0.70% cheaper than the best 2-year fix (4.69%, Danske Bank). A tracker moves with Bank Rate, which is 3.75% after a hold in which three MPC members voted for a rise. On our figures a tracker stays cheaper over two years unless Bank Rate rises by about 0.75% soon.
Fixed vs Tracker Mortgage Rates — October 2026
Swipe the table sideways to see every column.
| Product | Best rate | Moves with |
|---|---|---|
| 2-year fix | 4.69% (Danske Bank, £1,124) | Fixed |
| 5-year fix | 4.86% (Halifax, £1,099, 60%) | Fixed |
| 2-year tracker | 3.99% (Barclays, £1,104, 60%) | Bank Rate |
| 5-year tracker | 4.35% (Barclays, £1,104, 60%) | Bank Rate |
| Standard variable rate | 7.13% average | Lender's discretion |
What a fixed or tracker mortgage costs: worked example
- 2-year fix at 4.69% (£1,417 a month)
- £35,124
- 2-year tracker at 3.99% (£1,318 a month), Bank Rate unchanged
- £32,741
- 2-year tracker if Bank Rate rises 0.25% in November
- £33,538
- 2-year tracker if Bank Rate rises 0.50%
- £34,346
£250,000 over 25 years, total paid over 2 years including fees.
The tracker stays cheaper unless rates rise about 0.75%.
Rates rose in September — lock in today, review before completion
The figures above are indicative and describe the best case. Send your own scenario and we will come back the same working day with terms from the lenders that actually fit it.
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Rate context and outlook
The Bank of England held Bank Rate at 3.75% on 17 September 2026, its sixth consecutive hold, but three of nine MPC members voted to raise it to 4.0%. The Committee warned policy may have to tighten if the Middle East conflict persists.
Fixed rates are priced from swap rates, and the 2-year swap rose from 4.26% on 3 September to above 4.70% by mid-month, so most major lenders repriced fixed rates upward two or three times in September. The next decision is on 5 November. If your deal ends in the next six months, securing a rate now and reviewing it before completion is the lower-risk approach.
Reviewed by David Doulton, Director, Doulton Bridging Finance — over 20 years in property finance. Last reviewed 1 October 2026. Doulton Money Ltd t/a Doulton Bridging Finance, FCA No. 814533.
Frequently asked questions
Will a tracker go up if the base rate rises?
Yes, usually from the month after the change.
Do trackers have early repayment charges?
Many do not, so you can switch to a fix later — check the product.
Which is better for peace of mind?
A fix. The 5-year fix costs only 0.17% more than the 2-year fix today.
How much would a 0.25% base rate rise add to my tracker?
About £35 a month on a £250,000, 25-year repayment mortgage.
Can I move from a tracker to a fix later?
Yes, if the tracker has no early repayment charges — but fixed rates may be higher by then.
What is a tracker with a collar?
A tracker that will not fall below a set floor rate even if Bank Rate is cut; check for collars before choosing.
How much can I borrow?
Usually 4 to 4.5 times income, with some lenders going to 5 or 5.5 times for higher earners and certain professions, subject to affordability.
How long does a mortgage take?
A mortgage in principle takes minutes to a day; a full offer usually takes 2–4 weeks from application.
Is a lower rate with a high fee better than a no-fee deal?
It depends on the loan size. On smaller loans the no-fee deal often wins; we compare the total cost over the fixed period.
How early can I remortgage?
You can secure a new deal up to six months before your current one ends.
What documents will I need?
ID, proof of address, 3 months' payslips and bank statements, or 2 years' accounts or tax calculations if self-employed.
Where this applies
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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Think carefully before securing other debts against your home.
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Independent whole-of-market advice · FCA No. 814533