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Tracker mortgages are a type of variable interest rate mortgage. But they differ from some other variable rate mortgages because a tracker mortgage follows - or tracks - another interest rate.
Usually, tracker rate mortgages track the base rate set by the Bank of England. And the base rate is the minimum interest rate set by the Bank of England. This type of tracker mortgage is often the best.
There are other types of tracker products, such as a LIBOR tracker, which stands for London Interbank Offered Rate.
Tracker mortgages are sometimes confused with other types of mortgages, such as discounted and variable mortgages. Let's take a look at how these two products differ from a tracker mortgage
A discounted mortgage means that the lender discounts the interest rate below its standard variable rate. At any given time, the lender may decide to increase the discounted rate, even if the Bank of England base rate does not change. Conversely, a lender does not have to pass on to borrowers any cuts in the Bank of England base rate
With a variable interest rate mortgage, your repayments are set by a bank's variable rate. This means that you are subject to any interest rate changes (up or down) they make.
Tracker rate mortgages generally appeal to people who want a slightly more competitively priced product and who are comfortable knowing that their mortgage payments could increase at any given time.
It's important to realise that the cheapest tracker mortgage deals are not always those with the lowest rates. The lowest mortgage rates often have the highest fees lurking in the background!
For more advice on the best tracker deals available on the market today, contact us.
A qualified professional mortgage advisor will contact you to discuss your requirements. When you're ready to proceed, your advisor will help find the best options for your specific circumstances.
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