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TRACKER MORTGAGES

Ideal if you don't mind your mortgage payments fluctuating

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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.
  • Your Tracker Mortgage is based on 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%
  • Please note, these rates are only available for new borrowers and are correct as of 11/09/2018.

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


Our Tracker Mortgages

All of our mortgage tracker rates are based on the Bank of England Base Rate (currently 0.75%) plus 3.99% for the rest of the term

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10% deposit (90% loan to value)

Compare our fixed rate 90% mortgages

Term tracker

With no product fee

Product fee
£0
Initial rate
4.74%
Overall cost for comparison
4.9% APRC

Early repayment details

There are no repayment charges on this mortgage

Followed By Rate

Bank of England Base Rate (currently 0.75%) plus 3.99% for the rest of the term.

Still unsure? Call us

0800 707 6206
  • 8.30am - 7.30pm Monday - Friday
  • 9am - 1.30pm Saturday
  • Closed on Sundays
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Representative example:

This is not based on your details, it just an example to show how repayments might work for this kind of mortgage.

 

A mortgage of £82,739 payable over 15 years on our tracker rate for the mortgage term of 15 years at 3.99% above Bank of England Base Rate would require 180 monthly payments of £643.

The total amount payable would be £116,445 made up of the loan amount plus interest (£33,026), product fee (£0), valuation fee (£470), funds transfer fee (£15), legal fee (£0) and lending fee (£195).

The overall cost for comparison is 5.0% APRC representative.

Or in other words...

If you have a mortgage of £82,739 over 15 years

You will start paying a variable rate of 4.74% 

...and after 15 years, you will have paid £116,445

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5% deposit (95% loan to value)

Compare our fixed rate 95% mortgages

Term tracker

With no product fee (purchase only)

Product fee
£0
Initial rate
4.74%
Overall cost for comparison
4.9% APRC

Early repayment details

There are no repayment charges on this mortgage

Followed By Rate

Bank of England Base Rate (currently 0.75%) plus 3.99% for the rest of the term.

Additional benefits

  • Higher Lending Charge paid by Lender

Still unsure? Call us

0800 707 6206
  • 8.30am - 7.30pm Monday - Friday
  • 9am - 1.30pm Saturday
  • Closed on Sundays
circle-outline icon person icon house-part-filled icon house-filled icon house-with-person icon

Representative example:

This is not based on your details, it just an example to show how repayments might work for this kind of mortgage.

A mortgage of £82,739 payable over 15 years on our tracker rate for the mortgage term of 15 years at 3.99% above Bank of England Base Rate would require 180 monthly payments of £643.

The total amount payable would be £116,445 made up of the loan amount plus interest (£33,026), product fee (£0), valuation fee (£470), funds transfer fee (£15), legal fee (£0) and lending fee (£195).The overall cost for comparison is 5.0% APRC representative.

Or in other words...

If you have a mortgage of £82,739 over 15 years

You will pay a variable rate of 4.74%.

...and after 15 years, you will have paid £116,445

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Definitions

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 / Standard legal fees

Product fee: This is a fee charged on some mortgages as part of the product. It can be paid upfront or added to the loan. If you add it to your mortgage it will increase your outstanding balance and interest will be charged for the duration of the mortgage.

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 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.

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Contact us or apply

Apply online with advice

We will give you a call during the application process to make sure this product is right for you.

Arrange a call back

Select a time that suits you and we'll give you a callback

Call us on

0800 707 6206
We are available 8.30am - 7.30pm Mon - Fri and 9.00am - 1.30pm Sat
Closed on Sundays

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 Money® Mortgages are provided by Bank of Ireland (UK) plc. 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. Post Office Limited is registered in England and Wales. Registered Number: 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. Our FCA Register Number is 409080. You can confirm our registration on the FCA's website (www.fca.org.uk) or by contacting the FCA on 0800 111 6768.