Tracker mortgages

Base rate tracker mortgages

Base Rate Tracker Mortgage

A variant of this mortgage is the Tracker loan. This loan tracks or follows a set interest rate such as the Bank of England base rate.

Tracker rate - a variable rate that is linked to an underlying public interest rate (typically Bank of England repossession rate) by a predetermined margin. For borrowers the rate is often linked to the LIBOR.

Mortgages linked to base rate set by the Bank of England for a set period of up to 10 years. The base rate is reviewed every month and will give the borrower the certainty that payments will rise and fall in line with any changes.
Most lenders offering this type of mortgage charge a premium above the base rate eg base rate plus 0.95%. Some lenders may offer a discount off the Bank of England Base rate.

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