Tracker Mortgage

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Tracker Mortgages

For tracker mortgage deals the interest rates you pay are normally set at a margin above the Bank’s base rate for a set period. The tracker mortgages could last from anything between six months to the term of the mortgage. These are effectively variable rate mortgages where the interest rate you pay are linked to Bank of England base rate rather than the lenders Standard variable rate (SVR). As the Bank of England increases the base rate, your mortgage payments will rise and when it reduces interest rates the mortgage payments will go down. One of the pluses for this type of mortgage is that the lender cannot widen the margin that its charging above the base rate. Often tracker mortgages are also known as base rate trackers.

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