A tracker mortgage has an interest rate that follows an external rate — usually the Bank of England base rate — plus a fixed margin. For example, base rate plus 1%. When the base rate rises or falls, the mortgage rate changes accordingly, typically from the next monthly payment. Tracker mortgages have no early repayment charges during the tracker period on most deals. They suit borrowers who expect rates to fall or want flexibility (FCA MCOB, Bank of England, UK Finance, 2026). |
What Is A Tracker MortgageUK mortgages come in three main rate structures: fixed (the rate is set for the deal period and does not change), discounted variable (the rate is the... 
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