The interest rate on a tracker mortgage stays directly proportional to another base interest rate, plus a few percentage points.

Often, tracker mortgages will directly follow the up and down increases and decreases of the Bank of England’s base rate, and, for example, will stay 0.5% above it at all times, changing as it does. This means that the rate may change differently to the standard variable rate of the lender.

The tracker mortgage is likely to track the base rate for a short term until it defaults to the standard variable rate of the lender.

This helps to keep the mortgage payments more predictable and fair for the borrower, while making sure that the lender doesn’t lose out should the Bank of England’s base rate jump up.

The rate that a tracker mortgage tracks, however, may not be the Bank of England’s base rate, and so you need to look into what rate the deal stays in line with and see how likely it is for that rate to change and fluctuate.



House Price





Min (5% of house price)£2,500


Max (30% of house price)£15,000

Interest Rate





Min25 Years

30 Years

Max35 Years

Without Help to Buy

Your deposit£2,5005%
Your mortgage£47,50095%
Monthly Payment£213.30 

With Help to Buy

Your deposit£2,5005%
Help to Buy Loan£10,00020%
Your mortgage£37,50075%
Monthly Payment£168.39 

This calculator is provided to give you basic guidance only. This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs. Its important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errorsand recommend that you obtain exact figures from a specific lender before committing to any mortgage.