- payment options
- repayment mortgage
- interest-only mortgage
- combination mortgage
- mortgage types
- standard variable rate
- fixed rate
- capped rate
- discount rate
- tracker rate
- cash-back
- flexible
- offset
tracker rate
What is it?
Like a standard variable rate mortgage a tracker mortgage will generally be above the Bank of England base rate. However, unlike an SVR mortgage a tracker mortgage will reflect changes in the base rate exactly.
What does it offer?
If you have a tracker mortgage you are guaranteed to benefit fully from any falls in interest rates, in contrast to the SVR.
What should I be aware of?
You have no protection from rising interest rates. If rates rise sharply so will your mortgage payments.
Some trackers come with a collar or a minimum rate below which they will not fall. If interest rates fall significantly, you may not enjoy the full benefit.
Your home may be repossessed if you do not keep up repayments on your mortgage.
No need to pay us a fee, unless you would like to receive the commission paid by the lender. more info
