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  • Tracker Mortgages

Tracker Mortgages

With a tracker mortgage, the rate of interest the borrower pays is linked to the Bank of England’s (BoE) base rate of interest. So whenever the base rate changes, so does the tracker’s interest rate and the borrower’s monthly repayment. For those reasons, tracker mortgages are known as ‘variable rate’ mortgages.

When interest rates are low, the borrower’s monthly repayment might be less than it would be on a different type of mortgage, such as a fixed rate or standard variable rate mortgage. But when interest rates are high, the reverse is true. And as the rate is likely to vary, the borrower can never be sure exactly what their monthly repayment is going to be.

Although the rate of interest on a tracker mortgage is linked to BoE base rate, the actual interest rate charged on the mortgage will be determined by the lender and will usually be higher than base rate. So if base rate is 0.5%, the interest rate on a tracker mortgage will be 0.5%, plus whatever rate of interest the lender charges. If for example, the lender charged an additional 2% interest, the actual rate of interest on the mortgage would be 2.50%.

Although some tracker mortgages run for the life of the loan, most last for less than that — between one year and 5 years is not untypical.

Once the tracker arrangement finishes, most lenders will switch the mortgage to a standard variable rate of interest.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
 

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Company address: Synchro Mortgage Solutions Limited, Synchro House, 512 Etruria Road, Newcastle Under Lyme, Staffordshire , ST5 0SY
T: 01782 346 491 Email: [email protected]

The guidance provided within this website is subject to the uk regulatory regime and is therefore primarily targeted at consumers based in the UK.

Synchro Mortgage Solutions Ltd is Authorised and Regulated by the Financial Conduct Authority.

Synchro Mortgage Solutions Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference: 506054. Registered in England and Wales.

Company Registration Number: 06582889. Registered address same as company address.

Synchro Mortgage Solutions are highly experienced insurance and mortgage brokers based in Newcastle-Under-Lyme and Stoke-on-Trent.

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Our initial advice is provided free of charge. There may be a fee for arranging your mortgage, the precise amount will depend upon your scenario and circumstances but this will typically be £495, payable on completion.

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