Tracker Rate Mortgages
Tracker rate mortgages are home loans where the interest rate which you pay is linked to an external rate which is usually the Bank of England’s base rate. They are calculated as the Base Rate plus a set percentage. Tracker mortgages are a form of variable rate, so your payments can fluctuate from month to month. There are some very competitive tracker mortgage rates on offer and these tend to be for 2, 3 or 5 years but can also be offered for the life of the mortgage sometimes too.
If you have a tracker mortgage deal, the amount of interest you pay on your home loan will be the base rate plus or minus a certain percentage. As the mortgage tracks the base rate, the rate that you will pay will change, similar to a standard variable rate mortgage. When considering a tracker rate mortgage it is important that you have the ability to continue to be able to afford the mortgage if your repayments rise. It would be sensible to work out what your budget could increase to and the mortgage still be affordable because of this. It might also be prudent to have savings in the background too.
Tracker Mortgage Rates
Tracker rate mortgages are a type of variable rate mortgage, it is important you are fully aware of the implications of taking a mortgage with variable rates. We can explain what impact varying rate changes could make to your payments in the future, to help you decide if this is a suitable option.
Get in touch with us today by phone or email if you require tracker mortgage advice from our mortgage advisors here at Stuart Brown Mortgage Services.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.
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