Tracker Rate Mortgages

Our Tracker Rate mortgages link your interest rate to the Bank of England (BoE) base rate (currently 4.75%). As the name suggests, your mortgage will track this rate for a fixed amount of time, meaning your interest rate has the potential to go up or down.

How does it work?

• Your interest rate will be a specified amount above the Bank of England base rate during the fixed term.
• Your interest rate will go up or down in line with any changes to the Bank of England base rate.
• If the Bank of England base rate goes up, your mortgage payments will increase.
• If the Bank of England base rate goes down, your mortgage payments will decrease.
• In the months where your payment decreases (and your chosen mortgage’s terms and conditions allows) you may have the option to overpay. This could help you to pay your mortgage off faster.
• During the fixed term, the interest rate won’t go under 0.50%, even if the Bank of England base rate drops below this. This is sometimes referred to as an interest rate ‘floor’.

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