Go paper-free
Amend paper-free preferences for your statements and correspondence.
Tracker mortgages
Learn more about tracker mortgages, how they work and whether one might be right for you.
Features and benefits
Is a tracker mortgage right for me?
While there are benefits to a tracker mortgage rate, there are also potential drawbacks to bear in mind:
- Monthly payments can go up as well as down
If the base rate increases, your monthly payments will rise too. So, you should factor this in to how much you can afford to borrow. - Risk of uncertainty
We will always get in touch before we make an increase to your mortgage payments. However, we won’t know if there will be an increase or decrease until the Bank of England announces it. - May be unable to take advantage of low rates
Some lenders may include a cap that stops the rate dropping too low if the base rate drops below a certain point. At Lloyds Bank, we do not put caps on any of our tracker mortgages.
See how much you could borrow
Mortgage Calculators
Use the Mortgage Calculators to find out what types of mortgages we’re offering and how much they might cost.
Already have a Lloyds mortgage?
Do more with your mortgage
Looking to switch to a new deal or borrow more? Or maybe just update some details and find your statements? Do all that and more in our existing customer hub.
Mortgage support
If you’re concerned about your mortgage payments, we’re here to help. We know it can be hard to talk about money, but the sooner you get in touch, the more options you’ll have.
You could lose your home if you don’t keep up your mortgage repayments
Let’s take a closer look
-
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. If you’re interested in overpaying on your mortgage you have with us, visit Home Wise for more information.
-
Whether a tracker or fixed rate is right for you will depend on your circumstance. With a fixed rate mortgage, you get a fixed interest rate for a set period. This could help you budget for your monthly repayments, as you’ll know exactly how much you’re paying each month.
A tracker rate mortgage has a variable interest rate that tracks the Bank of England base rate. This means that the interest on your repayments can vary in line with any changes to the Base Rate. You usually won’t know of any changes until the Bank of England announces them.
Some lenders might let you move from a fixed rate mortgage to a tracker mortgage rate.
-
When your tracker deal ends, you’ll likely move onto a standard variable rate (SVR). On an SVR, your mortgage rate can go up or down for a range of reasons. Standard variable rates are often higher and therefore more expensive than fixed or tracker rates.
If you don’t want to go onto an SVR, you might be able to switch your deal to a new rate.
Learn more about the standard variable rate.
You may also like
