Personal finance tracker mortgages are one of the most common types of mortgage around, but they can be confusing if you are new to the mortgage world. Personal finance tracker mortgages have a number of benefits as well as dangers, and it pays to know about these before shopping around. If you are looking for a mortgage then here is some advice about Personal finance tracker mortgages and if they are right for you. A Personal finance tracker mortgage is fairly similar to a normal variable rate mortgage, although the variations in interest are much quicker. A Personal finance tracker mortgage follows the base rate of interest imposed by the Bank of England; any changes in the rate will be reflected in your mortgage payments. Whilst variable rate mortgages usually take months to change, Personal finance tracker mortgages will change rates within 14 days of a new rate being announced. This means that you can more quickly benefit from any drops in the rate. The change is compulsory, and part of the contract of a Personal finance tracker mortgage will state that the interest rate must change in accordance with the Bank of England within a certain timeframe. The obvious advantage of a Personal finance tracker mortgage is that if the interest rate drops, then your payments will drop within a few weeks of the change. This means your mortgage stays competitive and is always in line with the current market level. This mortgage is great for people who want their mortgage to reflect the changing costs of borrowing, but also don’t mind if their repayments fluctuate.