Tracker Mortgages - Interest Only

Tracker Mortgages - Interest Only

Compare UK Interest Only Tracker Mortgage Deals

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
1.75%
Reverts to 4.79%
Max LTV
70%
Product Fee
Yes

Call FREE on 0330 057 1528

Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
1.94%
Reverts to 3.94%
Max LTV
90%
Product Fee
Yes

Call FREE on 0800 077 4336

Early redemption charges may apply. Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
1.99%
Reverts to 4.79%
Max LTV
80%
Product Fee
Yes

Call FREE on 0330 057 1528

Early redemption charges may apply. Overall Cost for Comparison 4.60% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
2.09%
Reverts to 4.24%
Max LTV
60%
Product Fee
Yes

Call FREE on 0800 158 2934

Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
2.09%
Reverts to 4.24%
Max LTV
60%
Product Fee
Yes

Call FREE on 0800 096 7447

Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
2.29%
Reverts to 4.24%
Max LTV
70%
Product Fee
Yes

Call FREE on 0800 158 2934

Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
2.29%
Reverts to 4.24%
Max LTV
70%
Product Fee
Yes

Call FREE on 0800 096 7447

Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
2.32%
Reverts to 4.24%
Max LTV
75%
Product Fee
Yes

Call FREE on 0800 158 2934

Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Type
Tracker
Initial Term
2 Years
Initial Interest Rate
2.32%
Reverts to 4.24%
Max LTV
75%
Product Fee
Yes

Call FREE on 0800 096 7447

Early redemption charges may apply. Overall Cost for Comparison 4.10% APRC. This is the cost of the mortgage over the full term.

Type
Lifetime Tracker
Initial Term
Term of Mortgage
Interest Rate
4.74%
Max LTV
90%
Product Fee
No

Call FREE on 0808 178 6813

Early redemption charges may apply. Overall Cost for Comparison 4.90% APRC. This is the cost of the mortgage over the full term.

Type
Lifetime Tracker
Initial Term
Term of Mortgage
Interest Rate
4.74%
Max LTV
95%
Product Fee
No

Call FREE on 0808 178 6813

Early redemption charges may apply. Overall Cost for Comparison 4.90% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.04%
Reverts to 4.99%
Max LTV
60%
Product Fee
Yes

Call FREE on 0330 057 1595

Early redemption charges may apply. Overall Cost for Comparison 4.80% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.09%
Reverts to 4.75%
Max LTV
60%
Product Fee
Yes

Call FREE on 0808 271 8482

Early redemption charges may apply. Overall Cost for Comparison 4.80% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.38%
Reverts to 4.74%
Max LTV
60%
Product Fee
Yes

Call FREE on 0800 056 8572

Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let Remortgage
Initial Term
2 Years
Initial Interest Rate
2.38%
Reverts to 4.74%
Max LTV
60%
Product Fee
Yes

Call FREE on 0800 096 7962

Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.44%
Reverts to 4.75%
Max LTV
75%
Product Fee
Yes

Call FREE on 0808 271 8482

Early redemption charges may apply. Overall Cost for Comparison 4.90% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.49%
Reverts to 4.99%
Max LTV
75%
Product Fee
Yes

Call FREE on 0330 057 1595

Early redemption charges may apply. Overall Cost for Comparison 4.90% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.94%
Reverts to 4.74%
Max LTV
75%
Product Fee
Yes

Call FREE on 0800 056 8572

Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.

Type
Tracker Buy-to-Let
Initial Term
2 Years
Initial Interest Rate
2.94%
Reverts to 4.74%
Max LTV
75%
Product Fee
Yes

Call FREE on 0800 096 7962

Early redemption charges may apply. Overall Cost for Comparison 4.70% APRC. This is the cost of the mortgage over the full term.

Interest Only Tracker Mortgages

There are a wide range of different interest only mortgage deals to choose from and some of these are detailed below:

  • Interest Only Tracker rate mortgages – that have their rates pinned to those that are set by the Bank of England, will have their rates adjusted according to the current financial and economic climate. Many people favour these mortgages as their rates cannot be influenced by the lender.

An interest only mortgage will essentially allow you to only repay the interest that is owed each month on your mortgage. However as well as this, your lender may also expect you to put savings into a savings vehicle in order that you can meet the future repayment of capital required on the mortgage redemption date.

These types of mortgage deals are often favoured by first time buyers, as smaller monthly repayments may allow them to budget their costs more easily. For example, without having to repay the initial loan each month, customers can be free to purchase essentials for their new home.

While they can be useful, it is important to remember that interest only mortgage deals are not without their disadvantages. Compared with repayment mortgages, these deals are often more expensive in the long run, as interest repayments will remain the same for the duration of the agreement.

Before you choose your method of repayment, you should make a comparison of the mortgage market in order to find the best possible deal. Take a look at our comparison tables to determine what type of mortgage is the right one for you.

While there may be good reasons for operating a mortgage in this way, it is important that money is put aside to pay off the loan at the end of the term.

It is important to get mortgage advice in this area to ensure that an interest-only mortgage is right for your circumstances.

What is a Tracker Mortgage?

A tracker mortgage is a type of mortgage where the interest rate is linked to a particular base rate which moves up or down in line with this base rate e.g. The Bank of England Base Rate. The tracker rate will be set at a certain percentage above this rate e.g. if set at 2.50% above the BOE Base rate (0.50% as at April 2014) the overall rate would be 3.00%. With this type of mortgage you need to be prepared to pay more on your mortgage repayments if interest rates increase. The tracked rate can be for a set period e.g. 2 years or for the lifetime of the mortgage.

Tracker mortgages are offered by a selection of banks, building societies and specialist lenders who will on the whole be regulated by the Financial Conduct Authority (FCA).

Types of Tracker Mortgage

You can choose different types of tracker mortgage:

  • Fixed Period Tracker Mortgage – Mortgage companies offer fixed period tracker deals typically on a two year basis although 3,4 and 5 year trackers are available. With this type of tracker mortgage the mortgage company will set the rate above the base rate (which could be the Bank of England Base rate or the mortgage company’s own base rate version) e.g. 3% for a set term such as two years, after which time the rate will revert to a variable rate plus the base rate.
  • Lifetime tracker Mortgage – With a lifetime tracker the mortgage company sets the rate which you pay plus the base rate from outset and this remains constant for the duration of the mortgage term. If you believe you might move house before the end of the mortgage term it is worth looking for a deal where you transfer your existing mortgage to your new property.
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Other ways of raising finance from your home

Rather than remortgaging your home you may want to consider what is called a second charge mortgage.

Homeowner Loan

Free up money while leaving your current mortgage in place

A second charge mortgage (often referred to as a secured loan) can be used for all kinds of purposes including:

  • Home improvements
  • Business purposes
  • Buy to let property deposit
  • School fees
  • Wedding or new car

Borrow from £25,000 to £500,000 with flexibility to repay the loan at any time

Get a no obligation loan quote >>

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE