Tracker Rate Mortgage Explained
You will probably know that there are various different types of mortgage product.
These include the variable rate mortgage, the fixed rate mortgage and indeed the tracker mortgage.
A tracker mortgage tracks something as you may imagine, but what?
The answer is that it tracks the bank of england base rate, and will move in line with it. So if that goes up then your repayments go up and vice versa.
It will usually track at a set percentage increase above whatever the base rate is; your particular mortgage lender will explain to you clearly how their individual tracker rate product functions.
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- Loan To Value
- Agricultural Mortgages
- Lifetime Mortgage
- Buying Old Property
- Contents Insurance
- Let to Buy Mortgages
- Making an Offer on Property
- Roles in the mortgage process
- Buying in a Village Might be a Good Investment
- Tracker Mortgage Details
- Choosing Commercial Premises
- Offset Mortgage
- Holiday Home Mortgages
- What is a property auction
- Finding Property Prices
