A Tracker Mortgage is one where the interest you pay on your outstanding loan is tied to the Bank of England base rate and is set to cost an agreed amount above the base rate.

Sometimes called a Tracker Rate Mortgage, simply to be in line with the more common fixed rate mortgage, or flexible rate mortgage, this mortgage will generally run for just a few years, following which you can revert to the lender's standard rate model or, sometimes, negotiate another agreement.

In all cases the Tracker Mortgage interest rate will be a set, agreed, amount above the Bank of England base rate. For example, if the Tracker Mortgage is set at base rate plus 1% and the base rate is 5%, then your Tracker Mortgage interest rate will be 6%, and so on.

There are a number of factors to be considered prior to deciding if this particular type of mortgage is suitable for you at this particular point in time and we strongly suggest that you discuss the various possibilities with a professional mortgage broker. To have someone check out the whole marketplace on your behalf simply complete the contact form below and a professional broker will call you back at your convenience.

 

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