- Rising and falling in line with the Bank of England base rate, tracker mortgages have been a popular option for UK home buyers while the base rate has remained at a record low.
- Compare the latest interest rates and other important features of tracker mortgages in the table below.
What are you looking to do?
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our mortgage comparison service lists products from featured lenders with whom we have a direct commercial arrangement with. The mortgage data above was supplied by Moneyfacts Ltd and is updated at the time of mortgage search. The figures and data provided in our tables are for illustration purposes only. While we make every effort to ensure the accuracy of this data you should always confirm the terms on offer with the provider/broker. We do not give any financial advice.
Tracker Rate Mortgages FAQs
What is a tracker rate mortgage?
A tracker rate mortgage is a mortgage with an interest rate which moves in line with Bank of England base rate. The interest rate is set at a percentage above or below Bank base rate and increases or decreases accordingly for the duration of your deal.
What are the benefits of tracker rate mortgages?
The biggest benefit of a track rate mortgage is if interest rates fall your mortgage rate will fall too, making monthly repayments cheaper. Furthermore, some lenders will allow you to make overpayments on a tracker mortgage without any charges. This means if your monthly repayments fall you could use the money you're saving to overpay on your mortgage, thus clearing it faster.
Are there any downsides to tracker rate mortgages?
If interest rates rise your mortgage rate will rise too, meaning a mortgage that was affordable can suddenly become expensive. It's important to factor in potential rate rises when working out whether you can afford a mortgage.
What type of borrowers are tracker rate mortgages most suited to?
Borrowers who are happy to take a risk on interest rates and who would be able to pay more each month if rates rise are well suited to trackers. If you like stability and knowing how much you're going to pay each month, then a tracker isn't for you.
What fees will I pay for a tracker rate mortgage?
As with all mortgages fees differ from product to product but you could pay a booking fee, an arrangement fee, valuation fees and legal fees. You'll also pay a small fee for your lender to transfer the funds to your solicitor. This is known as a CHAPS fee and is usually less than £50.
Are tracker rate mortgages cheaper than fixed rates?
In a low interest rate environment tracker rates tend to be cheaper than fixed rates, although the difference will be small as there are many competitively priced fixed rate mortgages on the market today.
What happens if interest rates rise or fall?
If interest rates rise your mortgage rate will rise too. If they fall, your rate will follow suit meaning your monthly repayments will come down.
What happens when my tracker deal comes to an end?
At the end of your tracker deal you'll move on to your lender's Standard Variable Rate (SVR). You can choose whether to stay on this rate, move to another product with the same lender or remortgage to another provider.
What is the difference between a tracker mortgage and a lifetime tracker?
A tracker mortgage is set at a percentage above (or below - although this is much less likely) the Bank of England base rate for a set period of time. A lifetime tracker is set at a percentage above or below Bank base rate for the duration of your mortgage term - usually 25 years.
What is the difference between a tracker rate and a Standard Variable Rate?
A Standard Variable Rate (SVR) is the lender's default rate. While it can move in line with Bank of England base rate, the lender can also increase it or decrease it whenever it chooses.
How can I compare tracker rate mortgages?
Tracker rate mortgages are amongst the most competitively priced mortgages on offer at the moment. You can search all of the products on the market using Know Your Money's comprehensive comparison tables.
- Accord Mortgages
- Airdrie Savings Bank Mortgages
- Allied Irish Bank (UK) Mortgages
- Bank of China (UK) Ltd Mortgages
- Bank of Ireland (NI) Mortgages
- Barclays mortgages
- Bath Investment & Building Society Mortgages
- Beverley Building Society Mortgages
- BM Solutions Mortgages
- Buckinghamshire Building Society Mortgages
- Cambridge Building Society Mortgages
- Chelsea Building Society Mortgages
- Chorley & District Building Society Mortgages
- Cumberland Building Society Mortgages
- Danske Bank Mortgages
- Darlington Building Society Mortgages
- Earl Shilton Mortgages
- Ecology Building Society Mortgages
- Family Building Society Mortgages
- First Trust Bank (NI) Mortgages
- Fleet Mortgages
- Foundation Home Loan Mortgages
- Furness Building Society Mortgages
- Godiva Mortgages
- Halifax mortgages
- Hanley Economic Building Society Mortgages
- Hinckley & Rugby Building Society Mortgages
- Holmesdale Building Society Mortgages
- Investec Private Bank Mortgages
- Ipswich Building Society Mortgages
- Kensington Mortgages
- Kent Reliance Mortgages
- Leek United Mortgages
- Lloyds Bank Mortgages
- Loughborough Building Society Mortgages
- Manchester Building Society Mortgages
- Mansfield Building Society Mortgages
- Market Harborough Building Society Mortgages
- Marsden Building Society Mortgages
- MBS Lending Mortgages
- Melton Mowbray Building Society Mortgages
- Metro Bank Mortgages
- Monmouthshire Building Society Mortgages
- Mortgage Trust Mortgages
- National Counties Building Society Mortgages
- Nationwide Mortgages
- Newbury Building Society Mortgages
- Norwich & Peterborough Mortgages
- Nottingham Building Society Mortgages
- Paragon Mortgages
- Penrith BS Mortgages
- Penrith Building Society Mortgages
- Pink Home Loan Mortgages
- Platform Mortgages
- Precise Mortgages
- Principality Building Society Mortgages
- Progressive Building Society Mortgages
- Saffron Building Society Mortgages
- Santander Mortgages
- Scottish Building Society Mortgages
- Scottish Widows Bank Mortgages
- Skipton International Mortgages
- Stafford Railway BS Mortgages
- Teachers BS Mortgages
- Tesco Bank Mortgages
- The Co-Operative Bank Mortgages
- The Mortgage Works Mortgages
- Tipton & Coseley Mortgages
- Tipton and Coseley BS Mortgages
- TSB Mortgages
- Vernon BS Mortgages
- 0% Deposit
- 1 Year Fixed Rate Mortgages
- 10 Year Fixed Rate Mortgages
- 10% Deposit Mortgages
- 100% Mortgages
- 15% Deposit Mortgages
- 2 Year Fixed Rate Mortgages
- 2 Year Fixed Rate Remortgages
- 20% Deposit Mortgages
- 3 Year Fixed Rate Mortgages
- 4 Year Fixed Rate Mortgages
- 5 Year Fixed Rate 90% LTV Mortgage
- 5 Year Fixed Rate Mortgages
- 5 Year Fixed Rate No Fee Mortgages
- 5 Year Fixed Rate Offset Mortgages
- 5 Year Fixed Rate Remortgages
- 5 Year Plus Fixed Rate Mortgages
- 5% Deposit Mortgage
- 50% LTV Mortgage
- 60% LTV Mortgages
- 65% LTV Mortgages
- 70% LTV Mortgages
- 75% Fixed Rate Mortgages
- 75% LTV Mortgages
- 80% LTV Mortgages
- 80% LTV Remortgages
- 80% Mortgages
- 85% LTV Mortgages
- 85% LTV Remortgages
- 85% Mortgages
- 90% Fixed Rate Mortgages
- 90% LTV Mortgages
- 90% LTV Remortgages
- 90% Mortgages
- 95% Fixed Rate Mortgages
- 95% LTV Mortgages
- 95% LTV Remortgages
- 95% Mortgages
- Bad Credit Mortgages
- Buy to Let 15% Deposit Mortgages
- Buy to Let 50% LTV Mortgages
- Buy to Let 60% LTV Mortgages
- Buy to Let 70% LTV Mortgages
- Buy to Let 75% LTV Mortgages
- Buy to Let 80% LTV Mortgages
- Buy to Let Fixed Rate Mortgages
- Buy to Let Mortgages
- Buy to Let No Fee Mortgages
- Buy to Let Remortgages
- Cashback Mortgages
- Compare Mortgages
- Compare Mortgages
- Current Account Mortgages
- Discount Mortgages
- First Time Buyer Help to Buy Mortgages
- First Time Buyer Mortgages
- First Time Buyers 100% Mortgages
- First Time Buyers 5% Deposit Mortgages
- First Time Buyers 75% LTV Mortgages
- First Time Buyers 80% LTV Mortgages
- First Time Buyers 85% LTV Mortgages
- First Time Buyers 90% LTV Mortgages
- First Time Buyers 95% LTV Mortgages
- Fixed Rate Interest Only Mortgages
- Fixed Rate Mortgages
- Fixed Rate No Fee Mortgages
- Flexible Mortgages
- Interest Only Mortgages
- Interest Only Remortgages
- Low Deposit Mortgages
- Lowest Fixed Rate Mortgages
- Mortgage Calculator
- Mortgage Deals
- No Fee Mortgages
- No Fee Remortgages
- Offset Flexible Mortgages
- Offset Mortgages
- Offset No Fee Mortgages
- Repayment Mortgages
- Residential Mortgages
- Residential Remortgages
- Right to Buy Mortgages
- Shared Ownership
- Shared Ownership Mortgages
- Top 10 Mortgages
- Tracker Mortgages
- Tracker Remortgages
- Variable Rate Mortgages
Knowyourmoney.co.uk is a free service with no charge to the user, for more details on how our site works click here.
Knowyourmoney.co.uk is a trading style of Notice Media Ltd, Registered Office: Floor 3 Haldin House, Old Bank of England Court, Queen Street, Norwich, Norfolk NR2 4SX Registered in England & Wales No 05409985 and also in accordance with the Data Protection Act (1988) Registration Number: Z955517X
Notice Media is authorised and regulated by the Financial Conduct Authority, FRN 771521. In respect of consumer credit, knowyourmoney.co.uk acts as a credit broker - not a lender.