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Part of our UK mortgage rates guide. See the main pillar for the full lender comparison, FRN-verified best buys by LTV band and worked-example payments: Best Mortgage Rates UK 2026.
Mortgage Guide — April 2026
A tracker mortgage has an interest rate that automatically follows the Bank of England base rate at a set margin above it. For example a mortgage tracking at base rate plus 0.75% would charge 4.50% when the base rate is 3.75% as in April 2026. If the base rate changes your mortgage rate changes automatically.
Tracker vs Fixed Rate Mortgage 2026
Factor
Tracker Mortgage
Fixed Rate Mortgage
Monthly payment certainty
No — changes with base rate
Yes — fixed for the deal term
If rates fall
Yes — your rate falls automatically
No — you stay on your agreed rate
If rates rise
Yes — payment increases
No — protected
Early repayment charges
Often none
Usually significant
Best in
Falling rate environment
Rising or uncertain rate environment
Best rates April 2026
Around 4.20–4.50%
Around 4.19–4.45%
Are Tracker Mortgages Good in 2026?
With the Bank of England holding at 3.75% and rate cuts expected later in 2026 a tracker could save you money if cuts materialise. However cuts have been delayed by rising inflation. The difference between best tracker and best fix is currently very small — fixed rates offer certainty at almost the same cost.
What Is a Collar Mortgage?
Some tracker mortgages have a collar — a minimum rate below which your mortgage cannot fall even if the base rate drops very low. Always check whether your tracker has a floor rate before applying.
Tracker Mortgage — Pros and Cons
Pros
Cons
Often no early repayment charges — very flexible
Monthly payment uncertainty — hard to budget
Automatic rate reduction if Bank cuts rates
Payment rises if Bank raises rates
Currently similar rate to fixes
Could cost more than a fix if cuts are delayed
Good for those expecting to overpay or move soon
Collar may prevent full benefit of rate cuts
Bottom line: Tracker mortgages make sense if you expect the Bank of England to cut rates significantly soon. With cuts now expected from mid-2026 a short-term tracker could save money. However fixed rates are at similar levels without the uncertainty — for most borrowers a 2-year fix offering certainty remains the safer choice in April 2026.
The content on Kaeltripton.com is for informational and educational purposes only and does not constitute financial, investment, tax, legal or regulatory advice. Kaeltripton.com is not authorised or regulated by the Financial Conduct Authority (FCA) and is not a financial adviser, mortgage broker, insurance intermediary or investment firm. Nothing on this site should be construed as a personal recommendation. Rates, figures and product details are indicative only, subject to change without notice, and should always be verified directly with the relevant provider, HMRC, the FCA register, the Bank of England, Ofgem or other appropriate authority before any financial decision is made. Past performance is not a reliable indicator of future results. If you require regulated financial advice, please consult a qualified adviser authorised by the FCA.
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Chandraketu Tripathi
Finance Editor · Kaeltripton.com
Chandraketu (CK) Tripathi, founder and lead editor of Kael Tripton. 22 years in finance and marketing across 23 markets. Writes on UK personal finance, tax, mortgages, insurance, energy, and investing. Sources: HMRC, FCA, Ofgem, BoE, ONS.
