If you’re based in Halifax and wondering what’s happening with mortgage rates, you’re not alone.

Over the past year, interest rates have been making headlines, and that’s had a direct impact on mortgage products across the market.

Whether you’re buying a new home, reviewing your current deal, or looking at remortgaging, it’s important to understand what’s driving rate changes and how they might affect you.

What are mortgage rates?

A mortgage rate is the interest charged on the amount you borrow.

Your rate has a direct impact on how much you pay each month, as well as how much interest you pay over the lifetime of the mortgage.

Mortgage rates vary depending on the type of deal you choose, with fixed and tracker mortgages being among the most common.

How are mortgage rates determined?

Lenders set their mortgage rates based on a number of factors.

A key influence is the Bank of England base rate.

When this base rate rises, most lenders respond by adjusting their own rates.

Other factors like inflation, lender funding costs, and competition in the market all play a role, too.

In Halifax, you may notice that rates differ between lenders, even for the same type of mortgage.

That’s why comparing deals can make a big difference.

Fixed-Rate Mortgages vs Tracker Mortgages

Fixed-rate mortgages give you a set interest rate for a defined period, which means your payments stay the same even if market rates go up.

This is often appealing when there’s uncertainty about future rate changes.

Tracker mortgages are tied to the Bank of England base rate. If the base rate increases or decreases, your monthly payments change too.

Some buyers choose this route if they expect rates to fall, but it comes with more variability.

How long should I fix my mortgage for?

Choosing how long to fix your mortgage depends on your future plans.

A shorter fixed term gives you flexibility to switch later, while a longer-term fix provides more stability if rates continue to rise.

As a mortgage broker in Halifax, we’ll help you explore how long to fix based on your circumstances and what’s currently available on the market.

Our goal is to help you feel confident in your choice, without overcomplicating the process.

Date Last Edited: September 18, 2025