Go paper-free
Amend paper-free preferences for your statements and correspondence.
Tracker mortgage
Why apply for a tracker mortgage
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.
Ready to apply
Get an Agreement in Principle
Confirm how much you could be eligible to borrow before you apply for a tracker mortgage with an Agreement in Principle.
Want to move from a fixed to a tracker rate?
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.