A fixed rate gives a defined period of certainty
Your interest rate is fixed for the product period. Fees, overpayment rules and early repayment charges still vary. At the end of the fixed period, the rate can change unless you arrange another deal.
A tracker follows its stated reference
A tracker normally specifies a reference rate plus a margin. Read the product for any floor, tracking period and charges. A tracker rate can rise or fall, changing your payment.
Test your budget, not a forecast
No one can promise the next rate move. Compare the starting payment and at least one higher-rate scenario. Your savings buffer, income stability and plans to move or repay are practical factors.
Compare flexibility explicitly
Neither product name guarantees penalty-free changes. Look at early repayment charges, portability and overpayment allowances. A lower initial rate may be less useful if it conflicts with a planned sale or lump-sum repayment.
Further reading: MoneyHelper: mortgages and homebuying. Content reviewed 9 September 2026. General information; availability depends on the individual case.