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A tracker mortgage is a type of variable rate mortgage where the interest rate tracks (or follows) the Bank of England Base Rate. This means that the interest you are charged on your mortgage (and therefore the amount of your monthly mortgage repayments) depends on how the Base Rate changes:
For some people the flexibility of tracker mortgage rates is an advantage whilst others will prefer the security of knowing what their interest rate will be for a set period of time ( as per fixed rate mortgages ). With a tracker mortgage (sometimes referred to as a variable rate mortgage) you need to prepare for your interest rate and mortgage payments to go up if the Base Rate rises.
See how a tracker mortgage could be the right choice for you and what you need to be aware of: