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While there are benefits to a tracker mortgage rate, there are also potential drawbacks to bear in mind:
Confirm how much you could be eligible to borrow before you apply for a tracker mortgage with an Agreement in Principle.
You could lose your home if you don’t keep up your mortgage repayments
This will depend on the tracker mortgage deal you’re offered. For example, with our 2 year tracker rate mortgages, you would be tied in for 2 years. Once this term ends, you will move on to a standard variable rate, unless you decide to switch to a new deal.
Tracker rate mortgages are usually agreed for a set period. So, if you want to switch to another deal, or pay off your mortgage early, you may be charged an early repayment charge. Some lenders do let you switch from a tracker rate mortgage to a fixed rate without paying an early repayment charge – always check the details of your deal before applying.
Yes, you can usually make overpayments on your tracker mortgage. Check your mortgage terms to see if there are any limits to how much you can overpay, or any extra charges. Plus, work out how much you could save with our mortgage overpayment calculator.