Tracker mortgage calculator. What you might pay if Bank Rate rises or falls.
Your payment for each month of the deal on two paths for Bank Rate: what markets are pricing now, and what economists told the Bank of England in its latest survey.
What might my tracker payment be each month?
On what markets are pricing, your payment would go from £1,112 to a high of £1,227 by October 2027.
Over the two years that is £28,893 in payments, plus the £999 fee: £3,169 more than if Bank Rate stays at 4.00%.
What markets price: Bank Rate 4.00% to December 2026, 4.25% from January 2027, 4.50% from March 2027, 4.75% from May 2027, 5.00% from October 2027; your payment £1,112 to December 2026, £1,140 from January 2027, £1,169 from March 2027, £1,198 from May 2027, £1,227 from October 2027. If Bank Rate stays at 4.00%: your payment £1,112 throughout.
Market view on 12 November 2026, rounded to the Bank's 0.25% steps. See Bank Rate expectations
The upper quartile of answers (a quarter of economists expected this or higher) would take your payment to £1,169 by May 2027, £998 more over the two years than if Bank Rate stays at 4.00%.
Markets have priced decisions up to December 2027 and the survey's answers run to November 2031; after those we hold the last value.
No one knows where Bank Rate will go: market pricing changes daily and is often wrong. We apply each change from the month after the decision, and we ignore any collar.
The market path is what overnight swap rates imply for Bank Rate at each decision, from the Bank of England's own data; the survey is the Bank's Market Participants Survey, November 2026 edition. Both are explained on our Bank Rate expectations page. Survey figures are the Bank's, rounded to the nearest 0.25%, reproduced with permission, from its published survey results.
What a rise or cut does to your payment
| Bank Rate | Your rate | Monthly payment | Change |
|---|---|---|---|
| 3.00% | 3.50% | £1,001 | −£110 |
| 3.50% | 4.00% | £1,056 | −£56 |
| 3.75% | 4.25% | £1,083 | −£28 |
| 4.00% (today) | 4.50% | £1,112 | £0 |
| 4.25% | 4.75% | £1,140 | +£29 |
| 4.50% | 5.00% | £1,169 | +£58 |
| 5.00% | 5.50% | £1,228 | +£117 |
Each row holds Bank Rate at that level for the whole period. A tracker moves by exactly the change; a fixed rate does not move until the deal ends.
Tracker vs fixed: which would cost less?
Enter a fixed rate above to see what it would cost against both paths.
How does a tracker mortgage work?
A tracker charges Bank Rate plus a set margin for the tracker period. Bank Rate is 4.00% today, so a deal priced at Bank Rate + 0.50% charges 4.50%. When the Bank changes Bank Rate your rate moves by the same amount and the margin stays the same. A few older trackers followed a different reference rate; this calculator assumes yours follows Bank Rate.
Your payment is reworked on the new rate, so it can change after any of the Bank's eight decisions a year. Markets price each decision in advance, which is the first path above. The Bank also asks economists where they expect Bank Rate to be, which is the second.
Most trackers have no early repayment charge, so you can overpay, move or switch to a fixed rate when you choose. Some carry a charge and some have a collar, a floor the rate cannot fall below. Your offer letter says which apply.
Frequently asked questions
How trackers work, what a rise or cut does, and how they compare with a fixed rate.