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Tracker Mortgages

 

Tracker - Tracker mortgages are variable mortgage rate schemes, but instead of the interest rate you pay being based on your chosen lender variable rate it is usually linked to the Bank Of England base rate.

 

The Interest rate you pay is a set margin above the rate that is being tracked and it changes as the rate moves. This means that your monthly mortgage payment increases if the rate being tracked increases. At the end of the product period, the interest rate will usually revert to the lenders standard variable rate, this usually results in a higher monthly mortgage payment. There may be initial arrangement fees from the lender to set up this type of mortgage and early repayment charges if the loan is redeemed within the scheme period.

 

What to do next

 

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Call us on 0800 824 7475

 

Your home may be repossessed if you do not keep up repayments on your mortgage