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Tracker Rate Mortgages

Our Tracker Rate mortgages link your interest rate to the Bank of England (BoE) base rate (currently 5.25%). As the name suggests, your mortgage will track this rate for a fixed amount of time, meaning your interest rate has the potential to go up or down.

How does it work?

  • Your interest rate will be a specified amount above the Bank of England base rate during the fixed term.
  • Your interest rate will go up or down in line with any changes to the Bank of England base rate.
  • If the Bank of England base rate goes up, your mortgage payments will increase.
  • If the Bank of England base rate goes down, your mortgage payments will decrease.
  • In the months where your payment decreases (and your chosen mortgage’s terms and conditions allows) you may have the option to overpay. This could help you to pay your mortgage off faster.
  • During the fixed term, the interest rate won’t go under 0.50%, even if the Bank of England base rate drops below this. This is sometimes referred to as an interest rate ‘floor’.

You can only apply for these products using our advised service, meaning you can't apply for them online. Please book an appointment using the options below.

Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Legal Assisted 2 Year Base Rate Tracker Mortgages

Initial rate variable up to and inc. 28/02/2026, (currently)TermsThen changing to the Society's SVR less a discount of 0.75%, up to and inc. 28/02/2029, (currently)Then the Society's SVR thereafter, (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
5.48% BoE base rate + 0.23%7.49%8.24%7.8%65%£999 View
Max loan amount £2,000,000 / It's not possible to apply for this product online.
5.55% BoE base rate + 0.30%7.49%8.24%7.8%75%£999 View
Max loan amount £2,000,000 / It's not possible to apply for this product online.
RATES CORRECT AS AT 20 october 2023

Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

Representative Example

A mortgage of £180,000.00 payable over 25 years initially on a tracker rate for 2 years at 0.30% above the Bank of England Base rate (currently 5.55%) and then a 0.75% discount on our current Standard Variable Rate of 8.24% giving a rate of 7.49% for 3 years and then on our current Standard Variable Rate of 8.24% for the remaining 20 years would require 24 monthly payments of £1109.59, 36 payments of £1314.37 and 240 monthly payments of £1390.22.

The total amount payable would be £408,634.58 made up of the loan amount plus interest of £227,600.58 and application fee £0, product fee £999, valuation fee £0, funds transfer fee £35.

The overall cost for comparison is 7.8% APRC representative.

During the fixed term, the interest rate won’t go under 0.50%, even if the Bank of England base rate drops below this. This is sometimes referred to as an interest rate ‘floor’.

This representative example assumes a mortgage completion date on the 1st day of a calendar month.

The above representative example is for illustration purposes only and may vary depending on your personal circumstances.

Unless otherwise indicated, these products are only available for house purchases or for customers remortgaging from another lender. A product fee is payable on application but is refundable should the mortgage not complete. A mortgage exit fee of £199 will apply.

Key details about this product range

  • Interest calculated daily.
  • Maximum loan £2,000,000.
  • The Society will assist in covering the basic legal costs of a standard re-mortgage.
  • Free standard valuation up to £999.
  • This product is not available to interest only applications.
  • Unlimited capital repayments are allowed.
  • No Early Repayment Charges apply.
  • During the fixed term, the interest rate won't go under 0.50%, even if the Bank of England base rate drops below this. This is sometimes referred to as an interest rate 'floor'.
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