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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.
We engaged Malcolm's services after being turned down by a number of banks as we wanted to do a Let to Buy mortgages. He managed to get mortgages for both the house we wanted to buy and our original one which we wanted to Let. We were involved in a very complicated chain such that we have had to ask Malcolm to renew the mortgage twice for us. In both cases Malcolm was more that very helpful and he communicated every step and kept us updated all the time. We could call him any time of the day including evenings. I would highly recommend Malcolm to anyone. He even visited us at our new house to make sure we were happy with everything after completion.
Great service from Malcolm, we had to renew our mortgage several times as our house sale was part of a chain, his knowledge in mortgages is amazing and he helped us so much and did not tire! We would strongly recommend his service. He also linked us with solicitors and insurances, excellent service, we could not ask for better!
Great knowlendge and valuable service from the first phone call.
Fantastic. C&C offer supportive, accurate advice. As a self-employed first time buyer I needed a broker who could find me a mortgage that might not be available from the high street. Malcolm found me a great option and explained everything in easy-to-understand language. He also connected me to the world's most efficient solicitor for which I am eternally grateful. Thanks Malcolm!
Great service. Easy to talk to. Greats products to Match my needs. Fantastic communication. Returning customer year after year. What can I say. Thankyou. Until next time.
Malcolm and Julie were fantastic going above and beyond what was expected. Malcolm has saved us a lot of money by finding us a great deal when we were expecting to have to pay a specialist mortgage rate. Both have been at the other end of the phone/emails whenever we've needed them. We'd highly recommend using Will Assist for your mortgage needs.
Had a fantastic service from Malcolm and Julie for our 1st mortgage. Our situation for applying for a mortgage wasnt a simple one and Malcolm went through all the options and scenarios with the lenders and came back promptly with offers. We also had tight timescales to exchange on the property which they handled in there stride, communication was great and was informed throughout the process. Highly recommended.
Malcolm and Julie were both really helpful and responsive. Malcolm’s advice was really good and we trusted him instantly. Julie kept us informed every step of the way. I would highly recommend their services and would definitely use them again even though we are moving away from the area.
I've been dealing with morgages for quiet a few years now but never come across such an easier process and such a great bunch of guys... Perfect would definitely recommend thank you again.
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