|
|
Tracker Mortgages Free Help and Advice
Tracker Mortgages are discounted mortgages based on the Bank of England base rate rather than the mortgage lender's standard variable rate. Because Tracker Mortgages are often discounted they make initial repayments more affordable, and allow the borrower to plan more effectively because the initial rate will be fixed for a number of years.
Because Tracker Mortgages 'track' the Bank of England base rate and are set to be a fixed percentage above that rate, they are ideal for those prepared to gamble that interest rates will fall during the life of the mortgage as opposed to increase. |
Menu
Why Tracker Mortgages?
Tracker Mortgages are fixed to the Bank of England base rate and intially offer the borrower a fixed rate mortgage at a discounted rate for a number of years before being linked to the Bank of England base rate.
Tracker Mortgages Advice
The best advice for anyone seeking a Tracker Mortgage is to seek help from a professional mortgage broker or advisor. They will have experience in dealing with such mortgage products and be able to guide purchasers towards specialist lenders who offer more flexible products than the standard mortgage.
Would a Tracker Mortgage be Ideal for You?
Because Tracker Mortgages are often offered at a discounted interest rate, they may suit borrowers looking for an initially low repayment but who are prepared to gamble that interest rates will move in their favour during the life of the mortgage.
In Summary
In summary, Tracker Mortgages are based on the Bank of England base rate rather than the lender's standard variable rate. Rates are likely to be discounted in the early years of the mortgage, but could increase - just as they could theoretically decrease - in line with the Bank of England base rate.
