Halifax Dominates Purchase Mortgages as Trackers Hit 3.96% This April 2026

Halifax sweeps purchase mortgage market

This week has seen Halifax become the clear winner for home purchasers, taking pole position in almost all LTV bands for purchase mortgages. In particular, their tracker mortgage on the 60% LTV band is highly competitive, with an interest rate of 3.96% and an arrangement fee of £999, some 0.68% lower than their 2-year fixed rate of 4.64%.

In terms of the market, this tracker rate is quite attractive given the current BoE base rate of 3.75%, implying that Halifax's tracker margin is only 0.21% above base rate. This means that for those willing to take the risk of variable interest rates, significant savings may be made compared with fixed rates.

This trend is also true of Halifax's fixed rates. Starting with their 2-year fixed rates, these begin at 4.64% for 60% LTV purchases, increasing progressively to 4.75% for 75% LTV and 4.85% for 85% LTV. The 5-year fixed rates follow the same progression, beginning at 4.78% for 60% LTV, then increasing to 4.83% for 75% LTV and 4.88% for 85% LTV.

Santander challenges at higher LTVs

While Halifax dominates the lower LTV bands, Santander has carved out a competitive position for 90% LTV purchases. Their 5-year fixed rate of 5.00% with a £999 fee actually undercuts Halifax's equivalent offering.

Santander's 2-year fixed rate for 90% LTV purchases sits at 5.10%, again with a £999 arrangement fee. This pricing suggests Santander is actively competing for high-LTV business, potentially appealing to first-time buyers and those with limited deposit savings.

But, for borrowers, this is dependent on how much they have to pay back. Borrowers who have lower deposits (90% LTV) would find better value from Santander.

Nationwide leads the remortgage market

The remortgage landscape tells a different story, with Nationwide claiming the majority of best-buy positions. Their 60% LTV tracker mortgage offers 4.14% with a £999 fee – higher than Halifax's purchase equivalent but still competitive for existing homeowners looking to switch.

Nationwide's fixed-rate remortgage pricing starts at 4.71% for a 2-year deal at 60% LTV, compared to Halifax's 4.64% purchase rate. This 0.07 percentage point difference reflects the typical pricing gap between purchase and remortgage products, though the margin is notably narrow.

For those seeking longer-term certainty, Nationwide's 10-year fixed rates span from 5.14% at 60% LTV to 5.64% at 90% LTV, all with £999 arrangement fees. These products offer unprecedented rate security, though borrowers pay a premium of roughly 0.30-0.45 percentage points over 5-year equivalents.

For borrowers, simply put they assured to have stable repayments over a period of time, but it means borrowers will need to pay more for that stability. Opting for a 10-year fix with Nationwide means that repayments are guaranteed over ten years without having to worry about future interest fluctuations, but the fact remains that the extra premium of 0.30-0.45% makes it more expensive than the 5-year plan.

High-LTV options remain limited but viable

Borrowers with 5% deposits face a more constrained choice set, but viable options exist. Halifax offers 95% LTV purchase mortgages at 5.42% for 2 years or 5.38% for 5 years – unusually, the longer fix is actually cheaper. Both carry £999 fees and represent reasonable value given the elevated lending risk.

For 95% LTV remortgages, Nationwide's rates of 5.60% (2-year) and 5.45% (5-year) are higher than purchase equivalents, reflecting the additional risk assessment required for refinancing at such high LTVs.

Notably, no lenders in our data offer 10-year fixed rates at 95% LTV for either purchase or remortgage, highlighting the risk appetite limitations even among major lenders.

Tracker mortgages deserve serious consideration right now

The current base rate is at 3.75%, and recent articles have suggested it may stay this way. Because of this, tracker mortgages are becoming more appealing, with lenders such as Halifax offering immediate savings in comparison to fixed rates, while Nationwide's remortgage tracker at 4.14% provides similar benefits for existing homeowners.

But choosing a tracker mortgage comes with a risk, and the risk is something out of the borrowers control, which is the Base Rate set by the Bank of England. If the base rate rises, despite current speculation, this means borrowers with tracker mortgages will have higher repayments, which they may not be ready for. However, with tracker rates currently sitting 0.68-0.78 percentage points below equivalent 2-year fixed rates at 60% LTV, borrowers have substantial breathing room before rate rises would eliminate the advantage.

Fee structures remain consistent

Each of the products analysed appears to have a £999 arrangement fee, showing that this is now the market standard for large lending institutions. This makes comparison shopping easier since customers can base their decisions purely on interest rates.

As far as larger mortgages go, £999 fee would constitute a negligible percentage of the mortgage itself. On the other hand, those who have smaller mortgages should look into products that do not have any fees at all.

Compare mortgage options across lenders

These rates represent the market leaders as of 20 April 2026, but pricing can change rapidly. Halifax's current dominance in the purchase market doesn't guarantee long-term leadership, and borrowers should verify current rates before making applications. Borrowers can verify the latest rates with RateWatch

The narrow spreads between some lenders – particularly Halifax and Nationwide – suggest competitive market conditions. This benefits borrowers but requires careful timing and swift decision-making to secure advertised rates.