Tracker Mortgage
The interest rate for base rate tracker
mortgages are set at a margin above the Bank Base Rate for the
life of the mortgage. Your payments can rise or fall in line
with changes to Bank of England Base Rate, but you will always know when, why and by how much.
The advantage is the cost of your mortgage will automatically
fall if the Base Rate falls, however the cost of your mortgage
will rise if the Base Rate increases.
Variable base rate trackers come with no redemption penalties,
so you can switch to another lender at any time.
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