A Mortgage Now - Tracker Mortgage
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What is a tracker mortgage? |
| A Tracker mortgage is an arrangement where the interest rate charged is linked to a standard market rate such as Bank of England base rate. When BOE base rate rises your payment rate rises, when BOR base rate falls your payment rate falls. |
What are the advantages of Tracker mortgages? |
| When base rates are low Tracker mortgages can be very competitively priced. Lenders will normally only offer these tracker mortgage products if a deposit of at least 10% is available. |
What are the disadvantages of Tracker mortgages? |
| If base rates rise, you could be paying more or considerably more for your tracker mortgage. Many Tracker mortgages have a minimum pay rate so that you cannot benefit from unusually low base rates. |
How do I find the best tracker mortgages? |
| Our Advisers can help you to identify suitable tracker mortgage products from the whole of the market. You can also remortgage onto a tracker mortgage rate? Tracker remortgages are widely available across the market. |
