Rates below are indicative and change frequently. The rate that applies to you is the one quoted in your formal offer, which also states the total amount repayable and every fee.
How your rate is decided
Two applicants buying identical houses can be offered different rates. Four things drive the difference.
- Loan to value (LTV)
- The share of the property value you are borrowing. The single biggest factor. Every step down — 90%, 80%, 75%, 60% — moves you into a better rate band.
- Product type
- Fixed rates buy certainty and price it in. Variable rates start lower and move with the reference rate.
- Term and repayment method
- A longer term lowers the monthly payment and raises the total interest. Interest-only lowers the payment further but repays nothing.
- Affordability and credit history
- Income stability, existing commitments and conduct on your accounts. This decides whether we can lend at all, and at the margin it affects the rate.
The quickest way to a better rate
Increase the deposit enough to cross an LTV band. Moving from 81% to 79% can be worth more than months of shopping around.
Residential — fixed rate
Your rate and monthly payment are locked for the initial period. At the end of it the loan moves to our standard variable rate unless you switch to a new product.
| Initial period | Up to 60% LTV | Up to 75% LTV | Up to 90% LTV |
|---|---|---|---|
| 2 years fixed | 3.89% | 4.09% | 4.64% |
| 3 years fixed | 3.99% | 4.19% | 4.74% |
| 5 years fixed | 4.05% | 4.25% | 4.79% |
| 10 years fixed | 4.39% | 4.59% | 5.14% |
Indicative annual rates. An arrangement fee may apply and is disclosed before you commit.
Residential — variable rate
The rate tracks a reference rate plus a margin, so your payment moves when the reference rate moves — down as well as up.
| Product | Up to 60% LTV | Up to 75% LTV | Up to 90% LTV |
|---|---|---|---|
| 2 year tracker | 3.74% | 3.94% | 4.49% |
| Lifetime tracker | 4.14% | 4.34% | 4.89% |
| Discounted variable | 3.69% | 3.89% | 4.44% |
| Standard variable rate | 6.24% | 6.24% | 6.24% |
The standard variable rate is what a loan reverts to at the end of an initial period. It is rarely the cheapest option available to you.
Budget for a rise
Before choosing a variable product, run the calculator two percentage points higher than the current rate. If that payment would be uncomfortable, a fix is the safer choice.
Specialist ranges
| Range | From | Maximum LTV | Notes |
|---|---|---|---|
| First-time buyer | 4.09% | 95% | Higher LTV accepted with additional affordability checks. |
| Remortgage / switch | 3.84% | 85% | Free standard valuation on qualifying switches. |
| Buy to let / investment | 4.74% | 75% | Assessed on rental coverage as well as personal income. |
| Self-build and renovation | 5.19% | 70% | Released in stages against certified progress. |
First-time buyer
Lower deposits, more support and a slower pace through the process.
Read moreRemortgage
Move an existing mortgage to us, or release equity from your property.
Read moreInvestment property
Buy-to-let assessed on rental coverage and portfolio strength.
Read moreSelf-build
Staged drawdown against certified build progress.
Read moreFees you should expect
| Fee | Typical basis |
|---|---|
| Arrangement fee | A flat amount or a percentage of the loan. Often addable to the loan, which costs more overall because you pay interest on it. |
| Standard valuation | Charged on most purchases; frequently waived on remortgages. |
| Higher survey | Optional. A homebuyer report or full structural survey costs more and tells you more. |
| Legal costs | Payable to your solicitor. Some remortgage products include a basic legal package. |
| Early repayment charge | Applies if you repay a fixed or discounted product before the initial period ends. Stated in your offer. |
| Exit / closing administration | Charged when the mortgage is finally redeemed. |
Every fee that applies to your specific offer is listed on the pre-contractual information you receive before you commit. Nothing is added afterwards.
Turning a rate into an offer
Model it
Use the repayment calculator on the mortgages page to see the monthly cost and total repayable at the rate you are considering.
Check you qualify
Read the lending criteria before applying. It sets out income multiples, deposit requirements and acceptable property types.
Get a decision in principle
A short assessment giving an indicative borrowing amount. No obligation, and it makes your offer on a property credible.
Apply in full
Once you have a property. This is where the detailed income, expenditure and credit assessment happens.
Documents you may also need
Lending Criteria
What we can lend, to whom, and against what property — published in full so you can check before you apply rather than after.
MortgagesFixed Rate Mortgages
Your rate and your monthly payment are locked for an agreed period, so the largest bill in your household is a known number.
MortgagesVariable Rate Mortgages
Your rate moves with the market. Cheaper than a fix when rates are stable or falling, and more expensive when they are not.
This document was last updated on 1 August 2026. We publish the current version here at all times; superseded versions are available on request.
If anything on this page is unclear, write to us and we will explain it.