Base rate tracker mortgages

UK Tracker Mortgages

Although most lenders chose to follow the Bank of England's interest rate as far as their own standard variable rate (SVR), they do have the right to change it.

Base Rate Tracker Mortgages bypass this by mirroring exactly any changes to the base rate, whereas variable rate mortgages follow the SVR.

The interest on the mortgage is charged as a set percentage. This would normally be between 1 and 2 per cent above the base rate and remains constant for the period of the mortgage term. The can revert to the SVR at any point during the life of the loan, unless it is stated the tracker will only run for a set period of time at the outset.

They do offer a certain amount of security as the rate is guaranteed never to exceed the base rate by more than a fixed margin.

There are three types of Tracker mortgages;

This mortgage allows you to benefit from any drop in the interest rates immediately.

Apply for a UK Tracker Mortgage

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