Tracker Mortgages

  • Ideal if you don't mind your mortgage payments fluctuating
  • Your interest rate could go up or down

Post Office Money® Mortgages are provided by Bank of Ireland UK



What is a Tracker mortgage?

Your interest rate will follow the Bank of England Base Rate, or another base rate plus an additional percentage. As those rates go up and down, your mortgage rate and your repayment amounts will also go up and down. Our Tracker mortgages are based on the following:

  • How much deposit/equity (as a percentage of the total) you have, which determines the Loan to Value (LTV). For example, if you have £20,000 deposit/equity and the home you'd like to buy/remortgage is £100,000 the LTV is 80%
  • The term of the initial tracker rate, see the options below for more details

Please note, these rates are only available for new borrowers and are correct as of 15/02/2017.

For help with key terms used in the product tables, please see the Definitions tab.

Tracker mortgages:

10% deposit (90% Loan to Value ratio) Compare our tracker rate 90% mortgages

Term tracker No Product Fee
Initial rate 4.24% variable
Which is Bank of England Base Rate (currently 0.25%) plus 3.99% for the entire mortgage term
The overall cost for comparison is 4.3% APRC
Product fee £0
Additional features N/A
Early repayment charges N/A


Representative example:

A mortgage of £200,000 payable over 15 years on our tracker rate for the mortgage term of 15 years at 3.99% above the Bank of England Base rate would require 180 monthly payments of £1,504.

The total amount payable would be £271,172 made up of the loan amount plus interest (£70,637), product fee (£0), valuation fee (£310) and lending fee (£195).

The overall cost for comparison is 4.4% APRC representative.



Approval in Principle (AIP): An AIP indicates how much you could borrow based on the information you have provided, it performs various criteria and credit reference agency checks, and gives a conditional decision to lend based on its findings.

APRC: Annual Percentage Rate of Charge - this shows the overall cost of borrowing, taking into account the term, interest rate and other costs.

Higher Lending Charge: A fee which may be charged if the amount borrowed is more than a given percentage of the value of the property. The lender will use the fee for an insurance policy to protect them against financial loss in the event of a borrower not meeting their mortgage payments. The fee is usually payable in full up front. You may be liable for any mortgage shortfall debt if after possession the sale proceeds are not enough to repay your outstanding debt. Choose a Post Office Money mortgage and the Higher Lending Charge is paid by the lender for mortgages above 75% LTV. No Higher Lending Charge is payable for mortgages up to 75% LTV. See the Lending Criteria for more information.

Loan to Value (LTV): It’s the amount of mortgage expressed as a percentage of the value of the property or purchase price, whichever is lower. For example, a mortgage of £80,000 on a purchase price of £100,000 would be 80% LTV. If the valuation of the property is lower than the price you've agreed, the LTV will be based on the valuation.

No product fee: There is no product fee to pay. This is ideal if you do not want to pay a product fee or add one to your mortgage.

Overall cost for comparison: The total cost of a loan, including interest charges and product fees, shown as a percentage rate. The calculation assumes that you keep the mortgage for the full term. APRC is the industry standard calculation and allows you to directly compare mortgages from all lenders.

Product fee: When you apply for your mortgage, lenders may charge you a fee for providing the loan. Our standard products may include a product fee (please refer to individual products for fee details), which can be paid upon completion of your mortgage or added to the loan.

Standard legal fees: If your mortgage states that standard legal fees are paid by the lender, the lender will pay the fees if you use their nominated solicitors. Terms and conditions apply, additional legal work may incur additional fees, please refer to the General Lending Criteria for full details.

Standard valuation: Also known as a lender's valuation, this is a basic assessment that’s carried out on a property to establish its condition and value. If your mortgage states that valuation fee is paid by the lender, the lender will pay for one standard valuation on the application. You can upgrade to a full HomeBuyer survey for an additional fee.

It is important that you have reviewed the products above in full before progressing with an online application.

Found the mortgage that suits you?

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Small print

Please note our online mortgage application is only compatible with Internet Explorer 9+, Google Chrome 34+, Firefox 28+, Safari 5 and 7 web browsers and is not optimised for mobile phones.

Subject to status and lending criteria. Written illustrations available upon request. Borrowers must be aged 18 or over.

Post Office Limited is an appointed representative of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, FRN 512956. You can check this on the Financial Services Register by visiting the website or by contacting the Financial Conduct Authority (FCA) on 0800 111 6768. Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England & Wales (No. 07022885). Registered Office: Bow Bells House, 1 Bread Street, London, EC4M 9BE. Post Office Limited is registered in England and Wales (No. 2154540). Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office Money and the Post Office Money logo are registered trademarks of Post Office Limited.