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Tracker Mortgage Lenders

What you should look for in a tracker mortgage lender and where to find the right advice about them.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: December 7, 2021

When you’re considering buying a home, moving or remortgaging, a mortgage is a big part of your decision. Among the different mortgage options offered by lenders are tracker mortgages.

A tracker mortgage can be a good option as it is a type of variable rate product that’s tied to another index, typically either the Bank of England Base Rate or the London Inter-Bank Offer Rate (LIBOR).

The rate will track, as the name implies, a fixed amount above the index it’s linked to so if that index changes, your mortgage rate will change in kind.

We get a lot of enquiries about what tracker mortgage rates are available or whether it’s the right mortgage product to use.

If you’re interested in tracker mortgages and want to know more about the products different lenders offer, get in touch with us.

We’ll connect you with one of the experienced mortgage advisors we work with who will answer any questions you have about tracker mortgages and the lenders who offer them.

To help you understand more about tracker mortgages before you speak with an expert, this article will help you understand which lenders offer tracker mortgages.

Why do lenders offer tracker mortgages?

Lenders offer tracker mortgages to give home buyers an option of choosing a type of variable rate mortgage that is linked to the economy.

In times of recession for example, interest rates tend to be very low so if the economy is heading that way, being on a tracker mortgage if and when the index your rate is linked to drops, your mortgage payment would also drop.

This transparency is something that a lot of mortgage borrowers like, as well as the possibility of lower mortgage payments one day.

You should be aware though that the index your rate is linked to can go up as well as down. This means that there’s the possibility that your rate – and therefore repayment – may increase as well as decrease. Care should be taken if you’re gambling on rates going down.

A tracker mortgage is typically agreed over a fixed term, two-to-five years and after that period the borrower’s mortgage automatically moves to their lender’s standard variable rate.

There are a lot of tracker mortgages available from different lenders, some of which are exclusive to mortgage brokers.

To find out more about tracker mortgages, including if they’re the best option for you, get in touch with us on 0808 189 2301 or make an enquiry online. We’ll connect you to one of the expert mortgage advisors we work with who can answer all your questions and help you find the right lender for your tracker mortgage.

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How do tracker mortgages differ between lenders?

There can be numerous differences between the tracker mortgages offered by different lenders. The main one is usually the percentage they charge above the index.

Other differences include:

  • The fixed period over which the tracker rate operates for
  • Maximum loan-to-value rates
  • Minimum and maximum mortgage amounts
  • Rules over who can and can’t agree a tracker mortgage

As with most mortgage and loan products, the better financial history you have the better chance you have of securing a lower rate of interest. However, even if a lender has the lowest tracker rate on the market, the other details of the mortgage, such as early repayment charges, might mean it’s not suitable for your circumstances.

Read on to find out a little more about the different tracker mortgages UK lenders are offering.

HSBC tracker mortgages

The key details of HSBC’s range of tracker mortgages are as follows…

  • HSBC’s tracker mortgage is available on LTVs of between 90% and 60%
  • Tracker mortgages are on offer for buy-to-let investors, albeit at higher rates
  • It’s possible to secure a lower tracker rate but you’ll pay a higher arrangement fee

More details on HSBC’s range of tracker mortgages can be found online or if you’re an existing customer, by logging in to your online account.

In the past, HSBC offered competitive, even among the best lifetime base rate tracker mortgages. If you’re interested in securing one of those you’ll get access to whole of market products and rates by speaking with a mortgage advisor as right now, HSBC doesn’t have any lifetime tracker mortgage products or rates advertised on its website.

RBS tracker mortgages

The Royal Bank of Scotland, or RBS as it is widely known also offers a tracker mortgage to homebuyers, with different rates on offer. However, the terms of it mean it is available to fewer borrowers, largely due to the minimum 70% LTV required to secure it.

If you bank with RBS then its possible more tracker mortgages and interest rates are available to you. There are two main ways to find out more about this:

  • Speak with RBS direct, but that will mean you aren’t given details about other tracker mortgages on offer from different lenders
  • Speak with a mortgage broker who can tell you about RBS and other lender’s tracker mortgages (recommended)

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Santander tracker mortgages

Santander’s range of tracker mortgages include a variety of interest rates, partly dependent on your preferred LTV ratio. Borrowers can secure a base rate tracker mortgage from Santander with a deposit of just 5%. However, that comes at a cost with a higher rate.

If you’re interested in a lifetime tracker mortgage with Santander, it’s not something that appears to be on offer when you look online, although there are two-year and five-year terms available for the tracker mortgage products.

However, if you speak with a mortgage broker they will be able to tell you which lenders do offer lifetime tracker mortgages, if Santander is on that list, what other flexible tracker mortgage options there are and which is the best option for your needs.

Virgin tracker mortgages

If you’re a Virgin Money customer, or are considering applying for one of their mortgages, you’ll be pleased to find out they do have a range of tracker mortgages. As with other lenders, their tracker rates depend, among other things, on:

  • Your financial history
  • Your LTV ratio
  • Your repayment abilities
  • The type of property buyer you are

For the most part, Virgin Money’s tracker mortgages are geared towards buyers with a larger deposit. However, if you speak with a mortgage advisor with experience in tracker mortgages, like those we work with, then you could find out there are more Virgin tracker mortgage rates and deals on offer as broker exclusives.

Barclays tracker mortgages

Barclays offers a range of tracker mortgages with interest rates. The bank also offers a lifetime tracker mortgage that could be worth considering if you really don’t want to keep changing your mortgage every two-to-five years.

If a tracker mortgage is something you’re very keen on then the options available with Barclays might be recommended by your broker. However, while speaking to Barclays directly could give you the information you need, you won’t be able to quickly or easily compare their tracker mortgages with other lenders across the whole of market.

To be certain you’re getting the best tracker mortgage deal for your needs, it can be a good idea to have a chat with a qualified mortgage advisor experienced in the tracker mortgage market.

Nationwide tracker mortgages

Like many other UK lenders, Nationwide offers a range of tracker mortgages for customers with various different borrowing needs.

They also typically offer competitive rates in the right circumstances, although they may not be available if you have a small deposit. To be sure you’re getting the best possible tracker mortgage rate on the market in a product that’s best suited to your needs, it can be a great idea to speak with an experienced mortgage advisor.

Get in touch with us and we’ll connect you with a broker who’s experienced in the tracker mortgage market and can help you secure the best mortgage for your specific situation.

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First Direct tracker mortgages

First Direct who are part of the HSBC group is another lender that provides tracker mortgages to homebuyers. Its range caters to LTV ratios of between 90-60%.

Why can’t I see Halifax tracker mortgages on their website?

Previously, Halifax – one of the UK’s most popular and well-known mortgage lenders – offered a range of tracker mortgages, with a variety of rates and even a lifetime mortgage tracker.

However, a few years ago, the lender began withdrawing its tracker mortgages and now there are none available on its website. For now, if you want a tracker mortgage with a good rate of interest and useful benefits and terms and conditions, you will need to look to other lenders, or better yet, have a whole-of-market broker search the market for you.

Other lenders who offer tracker mortgages

We’ve shared a few details of some of the lenders who currently offer tracker mortgages, but there are more.

Take a look at the list below to see which other lenders could have the right tracker mortgage product for you:

  • NatWest offer a range of tracker mortgages for LTV ratios from 95% upwards
  • Skipton Building Society is another option if you’re looking for a tracker mortgage
  • Leeds Building Society also offer tracker mortgages
  • Metro Bank is a tracker mortgage product provider
  • You could secure a tracker mortgage from the Post Office
  • M&S Bank provides tracker mortgages for home buyers
  • You could also secure a tracker mortgage with Newcastle Building Society
  • Danske Bank provides a tracker mortgage product

Speak to a tracker mortgage expert

If you think a tracker mortgage might be the right option for you, but aren’t sure which lender can offer the best deal for your circumstances, speaking with an experienced mortgage broker can help.

Get in touch on 0808 189 2301 or fill in our enquiry form.

Then, just sit back and relax while our five-star service experts get to work and connect you with the right mortgage advisor, with experience in tracker mortgages.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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