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Tracker rate mortgage |
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 A tracker rate mortgage is usually fixed at a certain percentage above or below the Bank of England base rate. It will adjust to match rate changes made by the bank. This can mean your payments increase, if mortgage rates go up. However, it also means they will decrease if rates fall. If you are certain you can meet any increase, and are willing to gamble on a decrease, a tracker mortgage could work for you. Some lenders offer a capped rate. That means the mortgage rate is guaranteed not to go above a certain level, no matter what happens to the base rate, but will still fall if the base rate goes down. Others may let you switch to a fixed rate mortgage if repayments get too high. Tracker rate mortgage schemes follow movement in the Bank of England base rate at an agreed differential. The Tracker rate mortgage is available for a fixed period or the life time of the loan. The most common tracker rate period is 2 years, though mortgage lenders now offer 3 year, 5 year and even 10 year track rate mortgages. If the tracker rate is for a set period of time the mortgage will revert to the lenders standard variable rate at the end of the tracker rate period. |
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