Base Rate Tracker Mortgage
This is similar to a variable rate mortgage, but the interest rate will go up and down exactly in line with any change in the Bank of England base rate.
Your mortgage payments will go up and down too as the interest rate changes.
The tracker period is usually for a specified time, which can be from 1 year to 5 years, or even for the lifetime of the mortgage.
At the end of the tracker period, your mortgage interest rate will change to the lender’s standard variable rate.
This product may carry an early repayment charge.
A mortgage is a loan secured against your home or property.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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