The Best Tracker Mortgage Rates Available Now In The UK

Find the best track mortgage rates currently available now in the UK.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: November 16, 2023

If you’ve discounted the idea of a fixed rate mortgage and are ready to pursue an application for an interest rate tracker mortgage, it can be hard to know where to start.

You want to find the best deal currently available, but what’s considered a good deal right now? Which lenders are offering the most favourable rates? And how can you sift through and find the best one in a saturated market?

Find out by reading the extensive guide below.

What are the typical interest rates on tracker mortgages right now?

As a rule, tracker mortgage rates tend to be a few percentage points higher than the base rate, set by the Bank of England, meaning you could expect a tracker mortgage to be around 0.5%-1% above this level.

The cheapest tracker mortgages are only slightly higher than the BoE base rate, but to qualify for a rate that low, you’d likely have to have a large deposit or commit to a 5 or even 10 years tracker rate period rather than the more typical 2, 3 or 5 years. Lifetime trackers are also an option should you wish to lock in a fluctuating tracker rate for the duration of your mortgage.

To learn more about how tracker mortgages work and the deal you could expect in your circumstances, reach out to one of our expert brokers.

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Best tracker rate mortgage deals

To get a clearer idea of the best tracker mortgage rates you might find at the moment take a look at our rates table below.

Lender Product Details
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Last updated October 2023

The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.

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How to compare rates and deals

With so many lenders offering tracker deals, different time periods to choose from and rates to work off, it can be time consuming to search to do a manual Internet search for the one that’s best for you. Instead, to save time and potentially money, you should:

Seek expert help.

A broker specialising in tracker mortgages will already be up-to-date on the latest market movements, which means they’ll be able to compare mortgage tracker rates much quicker than you can and source those more exclusive ones you may not come across as an individual applicant.

Be clear about what you’re looking for.

Searching across 2, 3, 5 and 10 year introductory periods for a tracker mortgage can make the search a lot bigger. Having a clearer idea of what term time you’d be happy with and the risk appetite you have can narrow that down. This is something you can talk to your broker about.

Know what your deposit size is.

The size of your deposit will translate into your LTV amount and this is an influencing factor in terms of the rates available to you. Knowing what you’ve got to offer as a deposit and whether you’ll have a 65% LTV or 95% LTV  (albeit these types of mortgages are extremely rare currently with only a 5% deposit) will once again make the tracker mortgage comparison a little smoother.

A number of brokers we work with have extensive experience in arranging tracker mortgages for people. If you get in touch we can arrange for a specialist in this type of mortgage to contact you straight away.

Additional fees to factor in

As with any mortgage, there are other costs that you’ll incur when securing a tracker mortgage deal, which could involve an administration, product or booking fee.

Some lenders charge this as a set price, such as Royal Bank of Scotland which charges £995 and Leeds Building Society which charges £999, but others such as CHL Mortgages charge it as a percentage of the loan which can be added onto your tracker rate. For example, a 3% fee leaves the 3 year fixed tracker rate at 5.53% but dropping the fee to 2% increases the rate to 5.94%.

Other fees that might arise include early repayment charges or exit fees should you wish to overpay on your mortgage or end the deal earlier than planned. Each lender will have a cap on how much they’ll allow you to overpay by – typically 10% in a year – and what the fee would be for exceeding that. An exit fee could be anywhere from £50 to £300.

There are, however, a small number of mortgage providers who offer tracker mortgages with no fees, but whether you can access one of these will depend on your circumstances and loan-to-value/deposit. A broker will be able to share which lenders offer the best no fee tracker mortgages for you to consider.

Are the rates any different for remortgages?

Most lenders offer similar rates to those remortgaging onto a tracker mortgage as opposed to those taking a mortgage out for the first time. After all, tracker deals tend to come with such short periods that many opt to remortgage, either to another tracker rate or a fixed rate, to avoid slipping onto their lender’s standard variable rate, which is usually higher.

Speak to a broker who specialises in tracker mortgages

What introductory period to opt for? Which lender to choose? And is this the best approach right now in the current market? These are all questions you have to ask as you embark on a tracker variable rate mortgage search.

Ensuring you don’t make a misstep or miss out on the cheapest base rate tracker mortgage available, expert help is almost a necessity. The brokers we work with source such mortgages for applicants on a daily basis and therefore already have ample knowledge of the current tracker mortgage market and which lender is likely to get you the lowest rate.

To take a free consultation with a broker specifically matched to your situation, call 0800 189 2301 or fill out our enquiry form.

FAQs

If your tracker mortgage follows the BoE base rate, it will change as and when it does. The BofE committee meets eight times a year so it has the potential to change every time after this, should the decision be to move the base rate either up or down.

It’s important to note that this is where a variable-rate mortgage can be riskier than a fixed-rate equivalent, where the payments will always remain the same throughout the term of the deal.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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