Tracker rate mortgages
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Tracker rate mortgages
There is no shortage of mortgage types out there and, though they all work in a similar way, there are some key differences, especially when it comes to rates. If you’re someone who likes flexibility, or if you want to benefit from interest rates dropping, you might want to focus your attention on tracker rate mortgages. These are a type of variable rate mortgages, and they move in line with the Bank of England base rate. When the base rate rises or falls, your mortgage rate follows.
At Everest Mortgages, we understand the appeal of tracker rate mortgages, and they’re a good option for a lot of homeowners and investors. But, as they’re linked to the Bank of England base rate, you need to fully understand the risks involved. This is why it’s important to work with our expert mortgage brokers.
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What is a tracker mortgage?
Tracker mortgages are designed to track the Bank of England base rate. Instead of your lender choosing the rate themselves, your interest is calculated by adding the Bank of England base rate to a set percentage. If the base rate changes, your mortgage rate automatically adjusts.
This makes tracker mortgages predictable, as you always know how they’re calculated, but not fixed or guaranteed. This can be risky, as they can move at any time.
How do tracker rate mortgages work?
With a tracker rate mortgage, your repayments will fluctuate depending on changes in the Bank of England base rate. If the base rate falls, your mortgage payments decrease. If the base rate rises, your payments increase. This means tracker rate mortgages tend to be chosen by people who want more flexibility, the chance to benefit from falling rates, and a break from traditional fixed rate mortgage structures.
2 Year Tracker Mortgages
These mortgages are a popular short-term option and something a lot of high street lenders offer. These tracker rate mortgages give you flexibility, but without a long commitment.
5 Year Tracker Mortgages
This option provides stability for longer, while still providing the benefits of a tracker. However, the longer the term, the greater the chance of rate rises during the period.
Lifetime Tracker
Lifetime tracker rate mortgages track the base rate for your entire mortgage term. It’s an option worth considering if you want long-term flexibility and prefer to avoid switching onto a lender’s SVR.
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The benefits of tracker rate mortgages
Potential savings
If the Bank of England base rate drops, your payments fall automatically, sometimes significantly.
Lower initial rates
Tracker rate mortgages often start cheaper than equivalent fixed rate mortgages.
Transparent pricing
With a tracker rate mortgage, you always know exactly how your interest rate is calculated.
Fewer early repayment charges (ERC)
Many tracker mortgages come with low or no ERCs, making them ideal for borrowers who might want to remortgage early.
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Is a tracker mortgage right for you?
A tracker mortgage may be a good option for you if:
- You prefer flexibility
- You don’t want to be locked into a fixed rate mortgage structure
- You’re comfortable with changing payments
- You believe interest rates may fall
- You want the option to remortgage early without heavy penalties
There’s a lot to think about before you decide on a tracker rate mortgage, which is why it’s a good idea to work with an expert mortgage broker. At Everest Mortgages, we’ll guide you through the process, helping you to find a tracker mortgage that ticks every box.
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John Everest
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John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.
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