Compare Tracker Remortgage Deals

If you’re searching for remortgage deals, it’s easy to get confused given there are so many different types of mortgage product on the market. In practice however, the difference between mortgage types is quite straightforward, so it is worth taking time to understand the various products on offer if you are considering remortgaging.

How does a Tracker Mortgage work?

A Tracker mortgage is basically a type of variable rate mortgage. The interest rate is therefore not fixed over the term of the loan, but moves according to market forces and base interest rate changes. With a tracker remortgage deal, the interest rate ‘tracks’ an index, which is usually the Bank of England base rate, and the tracker is generally set at a fixed percentage above this rate.

Tracker Remortgage example

As an example, if the base rate is 2% and the lender has set the tracker at 1.5% above the base rate, then the total interest rate payable will be 3.5%.

The Advantages of a Tracker Remortgage include:
  • Hundreds of tracker mortgages on the market at competitive rates
  • Interest rates on tracker mortgages are often lower than the lender’s standard variable rate (‘SVR’)
  • Interest on a tracker mortgage drops as soon as the Base Rate drops, unlike an SVR*

*Some lenders have a minimum rate which means this won’t always be the case

The Disadvantages of a Tracker Remortgage include:
  • The interest rate on a tracker mortgage depends on the base rate, so if it rises, so will the mortgage interest
  • Repayments over the long term are unpredictable

What to look for when choosing a Tracker Remortgage

There are hundreds of tracker remortgage deals out there, and the right deal will depend on individual circumstances. Things like early exit fees, and the length of time the tracker deal runs for should be explored before settling on a mortgage deal – it isn’t simply about the interest rate. Many deals run for 2, 3 or 5 years, after which the interest rate will revert to the lender’s standard variable rate.

Finding the right Tracker Remortgage Deals – our service explained

With a bewildering array of different tracker remortgage deals on the market, if you’re contemplating remortgaging, it is vital you get sound advice first. By filling in our simple enquiry form, we’ll compare tracker remortgage deals from a panel of lenders, to find the right remortgage deal for your circumstances. What’s more, our FCA authorised mortgage brokers offer expert advice to get you the right repayment remortgage quote for your needs.

Even if you have adverse credit history, CCJs or an IVA, we can help you find the right tracker remortgage deal.

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