UK Mortgage Glossary
Tracker Mortgage
Rate that moves with the Bank of England base rate.
Full definition
A mortgage whose interest rate is tied to the Bank of England base rate plus a fixed margin. Rate moves up or down with BoE rate decisions. Some trackers have ERCs (e.g. 2-year tracker); lifetime trackers usually have no ERCs. Best for borrowers who think rates will fall or who want flexibility.
How this affects you
Whether tracker mortgage is relevant to your mortgage depends on your circumstances — lender, product, deposit, employment, credit profile, and stage of application. An FCA-authorised mortgage broker will tell you exactly where it applies to your case.
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