What is a Tracker Rate Mortgage?
Unlike fixed rate deals, tracker rate mortgages follow an external interest rate — usually the Bank of England base rate. So, your interest rate stays a set amount above or below the base rate for the length of the deal.For example, if your tracker rate mortgage is 0.5% below the base rate, and the base rate is 4.235%, you’ll pay 3.75%. If the base rate rises, your rate increases too. If it falls, your repayments go down. That’s the advantage of tracker rate mortgages — they follow the market and pass savings on to you.That predictability is what makes fixed rate mortgages so appealing. Because they allow you to plan ahead with confidence, knowing exactly how much will leave your bank account each month. This is especially helpful for first time buyers, as well as families managing tight household budgets.Are Tracker Rate Mortgages Right for You?
Tracker rate mortgages are ideal for people who want greater flexibility and are comfortable with changing monthly payments. When rates drop, your repayments fall too, which could free up cash each month.Many tracker rate mortgages also come with low or even no early repayment charges. Therefore, that gives you more control if you want to overpay or clear your mortgage early. So, for people looking to stay financially agile, that’s a major plus.However, tracker rate mortgages can also carry more risk. When rates rise, your payments increase. That’s why it’s important to get the right advice before choosing this type of deal.How Mortgageforce Helps
We don’t expect you to figure it all out on your own. Our team will explain tracker rate mortgages in plain English and help you weigh up the pros and cons based on your situation. Therefore, if a tracker rate deal makes sense for you, we’ll find the most competitive option available.
We work with a wide range of lenders, including specialist providers that offer flexible tracker rate mortgages not available on the high street. That means more choice, less stress, as well as full support at every stage — from initial advice to final paperwork.
Some kind words from our clients
Rachel has been incredible in securing us a mortgage and I cannot recommend her highly enough. The whole process was clear from beginning to end and Rachel kept us up to date every step of the way. We had a tricky property to mortgage and Rachel was able to secure us a good product from a high street lender. I have recommended her to friends and family and would use her again for any future mortgages. Thanks Rachel!
A 5 star experience of first time buying thanks to Rachel and Joanne. I was worried buying a home would come with so much stress but I can honestly say it’s been more or less stress free! Quick and professional communication and even got a better mortgage deal than I thought! Can’t recommend or thank them enough!
Rachel and Jo at Mortgage Force were outstanding start to finish. They went above and beyond with everything they did, helping us to purchase our first home. We've been told many times how stressful buying a house is but with Mortgage Force it felt like a breeze! Rachel was informative and broke everything down so that we fully understood all of the house buying lingo and both Jo and Rachel were friendly, helpful, super quick to respond to any queries and just a pleasure to deal with.