A Tracker rate mortgage has a variable rate set either above or below the Bank of England base rate. The rate depends on a number of varying circumstances and Lender. Tracker mortgages are like discount mortgages in that they fluctuate in accordance with prevailing economic conditions without upper limits on the pay rate. The advantages are that they are set by the Bank of England and not an independent mortgage lender.

This type of mortgage is if you like a little more “risky” as economic changes can determine whether rates increase or decrease. Some customers choose these mortgages when the current Bank of England Base rate is on a decline as their mortgage payments will generally decrease with them.

 

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