Base rate tracker mortgages
Base rate tracker mortgages have their interest rate linked to the base rate set by the Bank of England.
Tracker mortgage rates will usually be set as a percentage above the base rate (although sometimes lower rates are available).
Tracker mortgage rates will usually be set as a percentage above the base rate (although sometimes lower rates are available).
Advantages of tracker mortgages
If the Bank of England base rate falls, your mortgage's interest payments will fall accordingly, no matter how low the base rate goes. However, always remember that the bank base rate can rise as well as fall so be prepared for extra mortgage payments each month.
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