See the difference between a fixed-rate deal and a tracker — monthly payment and total interest — from the amount, term, the fixed rate and the tracker's base-plus-margin.
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£
years
%
%
Enter the amount, term and both rates. The comparison updates instantly. (SVR ~7.1%)
⇄Payment difference/ month
93£
Fixed1,204.4 £
Tracker1,111.66 £
Total difference27,821 £
Base rate 3.75% (mid-2026), SVR around 7.1%; figures change. Tracker rate = base + margin. Fixed-rate estimate over the deal period.
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Fixed or tracker — see how much the payment and total interest differ. Enter the amount, term and both rates to compare the monthly payment and total cost. Instant, in your browser, no account.
⚖︎ Results are for informational purposes and do not constitute tax advice. For specific situations, consult a licensed accountant or the relevant tax authority.
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iHow it is calculated
For each scenario the monthly payment is worked out with the annuity formula from its rate; a tracker's rate is the Bank of England base rate plus a fixed margin. The tool compares the payment and total interest:
tracker rate = base rate + margin
With the Bank of England base rate at 3.75% in mid-2026, a tracker sits at base plus a margin, while a fixed rate is locked for the deal period. If rates rise, the tracker payment climbs and the fixed one doesn't; if they fall, the tracker gains. When a deal ends you revert to the lender's SVR, often around 7.1%.
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?Frequently asked questions
What's the difference between fixed and tracker?
A fixed rate stays the same for the deal period, so your payment is predictable. A tracker follows the Bank of England base rate plus a fixed margin, so your payment moves up or down when the base rate changes.
Which is cheaper?
It depends on where rates go. A tracker usually starts lower but can rise; a fixed rate costs a little more for certainty. Compare total interest at realistic rates, not just the opening rate.
What is the SVR?
The Standard Variable Rate is the lender's default rate you revert to when a fixed or tracker deal ends — often much higher, around 7.1% in 2026. Most people remortgage before then to avoid it.
How is a tracker rate set?
Tracker rate = Bank of England base rate + a fixed margin set in your deal. The margin doesn't change; only the base rate moves, at the Bank's rate-setting meetings.
Does a fixed rate protect me?
Yes, from rate rises during the fixed period — your payment can't go up. The trade-off is you won't benefit if the base rate falls, and early repayment charges usually apply if you leave early.
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