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Tracker mortgage options

Looking for a tracker mortgage? Complete the form on this page to speak to an independent mortgage advisor for an in-depth analysis of whether a tracker mortgage is suitable for your requirements.  Allow Totally Money to take the hassle out of your tracker mortgage search; it’s easy, free, and there’s no obligation. 

A tracker mortgage has interest rates that follow, or ‘track’, the Bank of England base rate.  Usually set by lenders at approximately 2% above the base rate, interest rates on your tracker mortgage will rise and fall in accordance with fluctuations without the need to wait for lenders to adjust their own rates accordingly.  As a result, the major benefit of a tracker mortgage is that in the event of an interest rate drop by the BoE, your interest rates will drop simultaneously, allowing you to instantly take advantage of lower rates, whereas borrowers on standard variable rates will need to wait for lenders to regulate their rates, if they decide to decrease them at all.   

Tracker mortgages are available alone or as part of a package.  As well as being available as a straight tracker mortgage for the life of the mortgage, many lenders offer various discount start-up packages, allowing borrowers to benefit from a lowered rate for a set period, before reverting to the standard tracker mortgage rate; or a tracker mortgage combined with a capped rate mortgage, which prevents the rate from exceeding a pre-determined limit, usually in exchange for a slightly higher rate throughout the loan life. 

A tracker mortgage may be a good choice if you expect interest rates to drop in the near future, and if your budget is flexible, allowing for varying monthly payments.  If your budget is already stretched to its limit, a tracker mortgage may not be the best option for you, you benefit more from a fixed rate mortgage product; to discuss whether a tracker mortgage suits your circumstances complete the form on this page and Totally Money will connect you with an independent expert for tracker mortgage advice tailored to your personal financial situation.