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A Base Rate Tracker Mortgage
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Your monthly mortgage interest thereby “tracks” the Bank of England’s’ Base Rate – your monthly payments will go up when the base rate goes up and go down when the base rate go down.
Mortgage lenders tend to base the additional tracker margin on your homes Loan to Value ratio. A home with a low Loan To Value ratio is much more likely to achieve a low tracker margin than a home with a high Loan To Value ratio.
Base Rate Tracker Mortgages are usually available with the tracker period limited to a fixed initial period, usually about five years. However, some lenders will offer a tracker that lasts for the entire mortgage term.
Incidentally, watch out for early redemption penalties on Base rate tracker Mortgages.
If a Base Rate tracker Mortgage is of interest to you, you should discuss it with a professional mortgage broker. Ask for a quotation today and we’ll arrange for a Mortgage Adviser to phone you with the next 24 hours.