Tracker mortgages

A tracker mortgage follows the Base Rate of interest (also known as the Bank Rate) set by the Bank of England and will be fixed at a certain percentage above (or sometimes below) this rate.

What is a tracker mortgage?

This means that your mortgage payments change as interest rates change. For example, if your tracker mortgage is the Base Rate +2%, and the Base Rate rate is 2%, then you pay 4%.


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Some tracker mortgages are capped – this means that there is a limit to the maximum amount your mortgage rate can rise to, irrespective of how high the Base Rate goes.


What’s the difference between a tracker mortgage and a variable rate mortgage?

A variable rate mortgage will follow the Standard Variable Rate of the bank which has made the loan, whereas a tracker mortgage follows the Bank of England’s Base Rate.


Is there a catch with tracker mortgages?



How often do interest rates change?





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