Tracker Rate mortgages track the Bank of England Base Rate. They are guaranteed to be a fixed percentage over the base rate for a fixed period of time.This also means that reductions in the base rate are guaranteed to be passed onto the borrower. Although unlikely to offer the cheapest monthly repayments, they are cheaper and more predictable than Standard Variable Rate.
Expect Tracker Rate deals to be offered for longer periods than Fixed, Capped or Discounted Rates (sometimes for the life of the mortgage). If you do not want to switch mortgages every few years, a Tracker can offer a good alternative to Standard Variable Rate.
If you need more information to decide which mortgage is the best for you, then check out
TheRateTart Guide to Mortgages.
Please note that the information on this web-site is intended to provide an overview of the different types of mortgage available. Nothing on this website should be construed as advice and you should not make your mortgage decision based solely on this information.
TheRateTart recommends you consult an independent mortgage advisor to help identify the most suitable mortgage for your needs.
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