Compare Tracker Mortgages

Find UK lenders for the best tracker mortgage for you

Many people are keen to buy their own home and have a place to spend the rest of their lives. Still, it can be a confusing and difficult process. Finding the right mortgage can help take away a lot of the stress of buying a house.

If you want to compare tracker mortgages from UK mortgage lenders, you can use our simple comparison tool. This easy way to compare mortgage quotes can help you save money and find the right mortgage for your needs.

What is a tracker mortgage?

A tracker mortgage is a type of mortgage where your interest rate follows the national base interest rate. If the base interest rate increases, so will the interest on your tracker mortgage. If it decreases, so does your interest.

Is a tracker mortgage a good idea?

A tracker mortgage appeals to many, but it can be hard to tell exactly what you will be paying from month to month. Generally, a tracker mortgage is good if the interest rate stays low. However, it can be hard to predict when this will happen.

Can you pay off a tracker mortgage early?

Some lenders will let you pay off a certain percentage of your mortgage early, however, some will not. It’s important to compare mortgage lenders to find a suitable offer if you think you’ll want to pay off your mortgage early.

Is a fixed rate better than a variable mortgage?

A fixed rate mortgage has the benefit that you always know how much you’ll be paying. This avoids any nasty surprises. If the interest rate is low, though, a fixed rate mortgage may end up costing more in interest than a variable rate mortgage.

What deposit do I need for a tracker mortgage?

Most lenders will have offers for people who have at least 5% of the property’s value as a deposit. However, you will need to compare mortgage lenders and find what offers are available. Generally, the higher the deposit, the less you will end up paying in interest.

Is a tracker mortgage a secured loan?

A tracker mortgage is a type of secured loan. This means the loan amount is secured against an asset – in the case of mortgages, this is the house you buy. Hence, if you fail to pay back your mortgage, your house could be seized to cover the remainder of the loan.

Can I switch from variable to fixed mortgage?

Some lenders may let you switch from a variable tracker mortgage to a fixed rate mortgage, but you’ll need to check which lenders do this. You may also find that if you switch at a time when the interest rate is high, you cannot lower it.