logo-rebrandphone Skip to main content

Compare tracker mortgages

Find and compare tracker mortgages online in just a few minutes

How it works

Enter your details

Are you looking for a new mortgage or are you remortgaging?

Compare mortgage deals

See the range of mortgages currently available on the market.

Apply

A dedicated mortgage adviser will be there to guide you through every step.

About tracker mortgages

The Base Rate of interest is how much it costs banks to 'buy' money. It is set by the Bank of England and depending on how the economy is behaving they'll make this cheaper or more expensive.

Following this means your interest rates will go up and down in line with the performance of economy, so when times are tough your repayments should be smaller and vice versa should the economy be booming.

What is a tracker mortgage?

It's simply the base rate, plus a charge to you on top that will be pre-agreed for set amount of time. For example, if your tracker mortgage is the Base Rate +2%, and the Base Rate rate is 1%, you will pay 3%. If the Base Rate rises to 2%, you will pay 4%.

Tracker mortgages can be a risk - if the Base Rate rises, your payments will rise accordingly. However, if they fall, so will your mortgage repayments.

Some tracker mortgages are capped - this means that there is a limit to the maximum amount your mortgage rate can rise to, irrespective of how high the Base Rate goes.

If the Base Rate goes down, you also have the opportunity of paying more of your mortgage off each month. That way, you are taking advantage of the low rates and minimising the total amount of debt payable if the rates go up.

What's the difference between a tracker mortgage and a variable rate mortgage?

A variable rate mortgage will follow the Standard Variable Rate of the bank which has made the loan, whereas a tracker mortgage follows the Bank of England's Base Rate.

Most mortgage lenders will provide a tracker mortgage as one of their options alongside variable and fixed rate mortgages.

Is there a catch with tracker mortgages?

Although there's no catch per se, be aware that if interest rates rise so do your mortgage repayments. Therefore, you may find budgeting for your monthly bills more difficult as the rate at which you pay could change regularly.

That said, you are reliant on the Bank of England rather than changes your lender is likely to make in reaction to interest rates, so you can monitor changes with more clarity.

How often do interest rates change?

The Bank of England makes their decision on whether the bank charges change and by how much on the first Thursday of every month.

It is strongly dependant on the strength of the economy and the rate of borrowing nationwide.

Can I switch from my fixed rate mortgage to a tracker mortgage?

Most banks will allow you to change your mortgage, but many will charge an early repayment charge for leaving before your mortgage term has ended.

Mortgage guides

House and pennies

When can you remortgage?

You should look to remortgage to a new deal when your current introductory mortgage rate is close to ending, but not before - to understand why, read our Uswitch guide.

Learn more
House valuation - how to get a house valuation. Image of an estate agent valuing a property

House valuation - how to get a house valuation

A house valuation will tell you about the property and how much it might potentially cost. Our guide explains how to get a free house valuation.

Learn more
Paying off your mortgage early: pros and cons

Should I pay off my mortgage early?

Is paying a mortgage off early always a good thing? We explain what your options are, and the benefits if you want to clear your mortgage ahead of time. We also explain what the alternatives are if the repayment penalty is just too costly.

Learn more
Biggest mortgage lenders in the uk. Building with 'bank' written on the facade in gold lettering

Who are the biggest mortgage lenders in the UK?

The largest UK mortgage providers are often Lloyds, Santander, Nationwide, Barclays and Royal Bank of Scotland and HSBC

Learn more
Are cashback mortgages worth it?

How long does it take to get a mortgage?

The time it takes to get a mortgage will depend on a number of factors: having good credit rating, reliable and steady income, mortgage valuation survey. Find out more with our comprehensive guide.

Learn more
What is equity and how to use it for borrowing?

How to access equity - remortgaging for a cash lump sum

What is equity and how can you access it? We explain how you can remortgage to release equity, getting cash from your home.

Learn more

Compare tracker mortgages

Compare quotes to find the mortgage deal that's right for you