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        Best Tracker Mortgage Interest Rates

        How to compare tracker mortgages and find the cheapest one for you

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        Mortgage rates are currently at their highest level since 2008 and tracker mortgages are no exception. At the moment tracker rates start slightly higher than most fixed-rate mortgages but with the potential to go lower as and when the Bank Of England’s (BofE) base rate falls.

        Regardless of the type of mortgage you’re looking for, it’s never been more important to shop around for the best available rate. The table below gives you an immediate illustration of the best rates currently available today if you’re considering a tracker mortgage.

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        We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market and help you secure the best ones available.

        Last updated August 2023

        The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.

        Typical rates for tracker mortgages

        At the time of writing (August 2023), the Bank of England base rate is 5.25%. So, you can expect tracker mortgage rates of around 5.25% to 6%. Some of the very cheapest mortgage tracker rates (for ideal candidates) may be slightly lower.

        Tracker mortgages are so-called because they track the Bank of England base rate of interest (or, in a minority of cases, a different interest rate). Typical rates for tracker mortgages are 0.5%-1% higher than the Bank of England base rate.

        Remember: if the base rate rises, tracker mortgage rates will also rise. If it falls, they will fall. So, the rate you sign up for is not necessarily the rate you’ll be paying throughout the time you have the mortgage.

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        How to get the best tracker mortgage deal

        Rates tables are certainly a good starting point when you’re looking for a mortgage. But, the smartest way to find the best rates and offers available is to seek the help of an experienced mortgage broker.

        They can help with:

        • Finding the best lenders offering the most competitive deals across the market
        • Comparing each tracker rate deal including all the associated costs and fees
        • Advising you on how your repayments could change throughout the term of a tracker rate deal

        If you’d like us to connect you with a broker we work with who specialises in tracker mortgages, get in touch.

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        Additional costs and fees

        Many people are looking for the best tracker mortgage with no fee, but it’s worth noting that this could work out more expensive than a mortgage that does have fees.

        You’ll want to compare the total cost, including the following possible fees:

        • Arrangement fee: Also sometimes called a product fee, this is typically anywhere between £0 and £2,000.
        • Valuation fee: Many lenders will conduct the mortgage valuation survey for free, but you should always check to see if there’s an additional fee.
        • Penalty fees: Find out how much the lender will charge if you miss a payment or if you overpay by more than the allowed amount.
        • Early repayment charge: If you want to repay your mortgage before the end of the tracker period, you might pay a charge. This is less common with tracker mortgages than other types.
        • Exit fee: Sometimes a lender charges a fee at the end of the mortgage for closing the account.

        Why use Online Money Advisor?

        Speaking to a broker can help you decide whether a tracker mortgage is right for you, or whether a discounted-rate or fixed-rate mortgage might be more appropriate – this is where we can help!

        Using our unique broker-matching service, we can connect you with one of the numerous mortgage experts we work with who has the right level of knowledge to assist with your requirements. To arrange a free, no-obligation chat, just call 0808 189 0463 or fill out this form.


        Get Started with a Broker

        Maximise your chance of approval with specialist advice from a mortgage expert.


        It will change as frequently as the Bank of England base rate changes, but that’s very unpredictable. For example, the base rate remained steady at 0.5% for seven years between 2009 and 2016, but it has increased 14 times in in a row as of August 2023.

        If you’re concerned about possible changes to your mortgage rate, or you’d struggle to afford your mortgage repayments if they were to increase, you might want to consider a fixed-rate mortgage.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.