Applying for a tracker mortgage


Check how much you could potentially borrow.

Before beginning an application, it’s important to check how much you could borrow for a mortgage and what the cost could be. On our mortgage calculator pages we have a Borrowing calculator and a repayment calculator to help you decide.


Get a Decision in Principle.

Our online Decision in Principle application takes just 10 minutes to complete, after which we’ll be able to tell you whether or not we would be able to lend to you and how much we would be able to lend.

Takes approximately 10 minutes to complete

Complete a full mortgage application.

If you’ve acquired a successful Decision in Principle and found a new property then you’re ready for the full mortgage application. You can complete a mortgage application online or if you’d like some advice, you can talk to us by phone.

Takes approximately 15 minutes to complete

What are tracker mortgages?

A tracker mortgage is a type of variable rate mortgage where the interest rate tracks (or follows) the Bank of England Base Rate. This means that the interest you are charged on your mortgage (and therefore the amount of your monthly mortgage repayments) depends on how the Base Rate changes:

When the Base Rate falls, your interest rate will also fall.
When the Base Rate rises, your interest rate will also rise.

For some people the flexibility of tracker mortgage rates is an advantage whilst others will prefer the security of knowing what their interest rate will be for a set period of time (as per fixed rate mortgages). With a tracker mortgage (sometimes referred to as a variable rate mortgage) you need to prepare for your interest rate and mortgage payments to go up if the Base Rate rises.

Is a tracker mortgage right for me?

See how a tracker mortgage could be the right choice for you and what you need to be aware of:

  • Tracker mortgage rates track the Bank of England Base Rate (a variable rate of interest) over a specified period of time.
  • This means that the interest rate you are charged will rise when the Base Rate increases and fall if it decreases, affecting your mortgage payments in the same way.
  • A minimum rate of interest is applied to Tracker products (‘the collar’) which means that when the Base Rate falls, the interest rate you pay also falls but won’t go below this minimum rate of interest.
  • A maximum rate of interest applied to a Tracker product is called a “cap”. This means that if the Base Rate increases, the interest rate you pay will not go above this maximum/cap.
  • If you’re interested in Tracker mortgages, you need to make sure you are happy to accept the risk that your mortgage payments would increase in the future if the Base Rate rises.
  • You have the right to repay the loan either partially or in full during the term of the loan.
  • Fees and charges may apply.

Alternatives to tracker mortgages


Fix your mortgage interest rate, so it won’t change over a set period of time, regardless of what is happening to interest rates elsewhere.


Use your savings to offset against the balance of your mortgage and reduce the interest you pay.

Interest only mortgages

Make monthly payments to cover the interest you owe. In order to pay off the loan amount at the end of the term, you will need to have an acceptable repayment strategy.

Before you apply

Before you get started on a mortgage application it’s a good idea to check our mortgage calculators to find out how much you could borrow and what the repayments would be.

Call us or book an appointment

Speak to one of our friendly advisers about your options.

9am - 5pm Mon-Fri
9am - 1pm Sat