BASE RATE MORTGAGE TRACKER
Base rate tracker mortgage
This is similar to a variable rate mortgage, but the interest rate will go up and down exactly in line with any change in the Bank of England base rate. Your mortgage payments will go up and down too as the interest rate changes. The tracker period is usually for a specified time, which can be from one year up to the lifetime of the loan.
At the end of the tracker period, your mortgage interest rate will change to the lender’s standard variable rate. This product may carry an early repayment charge.
Is it right for me?
Yes – If you want to be sure your mortgage rate falls by the same amount as the Bank of England base rate falls, but the drawback is the mortgage rate also rises in step when the base rate increases.
No – If you find yourself locked into a rate above the base rate, which may be higher than the standard variable rate.
Why not speak to an advisor to see how we can help you find the right mortgage deal.
Alternatively, see an explanation of the Fixed rate mortgage product.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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