Helping you understand if a tracker rate mortgage is right for you


We don't currently offer any tracker rate mortgages

But don't worry. You can use our mortgage rate finder to find a suitable mortgage and compare our different mortgage rates.

What is a tracker mortgage?

A tracker rate mortgage, unlike a fixed rate mortgage, means your interest will rise and fall in line with another interest rate – typically the Bank of England’s base rate – for a certain period of time. This is usually two or five years. 

If the rate drops, your monthly mortgage payments will also drop. You could take advantage of these lower rates by overpaying on your mortgage. This can make it quicker to pay off your mortgage and reduce the amount of interest you pay. 

If you are on a fixed or tracker rate, you can pay up to 10% of your outstanding balance each year without incurring an Early Repayment Charge.

However, if the tracker rate goes up and you continue to repay the same amount as before, it could take longer to pay off your mortgage.

Benefits of a tracker rate mortgage

If the rates go down you pay less interest on your mortgage

Only changes to the what the lender uses as its base rate will affect your rate

Bear in mind that, if the rate goes up, so will your mortgage payments as you're not protected by a fixed rate. 

What happens when my tracker rate mortgage ends?

After the initial deal period ends, your mortgage interest rate switches to the Standard Variable Rate (SVR), which means your rate could both rise or fall, depending on changes in the interest rate we charge.

At this point, if you don’t want your mortgage to be on the SVR, you'll have the option to remortgage and move onto a new rate.

Do not worry, we will contact you before your tracker rate ends so that you can make arrangements.

For more information on the SVR, take a look at our SVR mortgage guide.

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