Best Tracker Rate Mortgages
If you are looking for a mortgage where the interest rate is determined by the bank of England’s base rate then you may want to consider a tracker rate mortgage. You will be required to make your monthly payments depending on whether the base rate has fallen or risen.
Tracker rate mortgages are popular among people in the UK, especially those who have a lot of savings or are high earners so you can keep up with your monthly repayments without worrying about shortages of money. You may want to choose a tracker rate mortgage because:
- Payments may be reduced if the bank of England base rate is low
- Many lenders will allow you to overpay you monthly agreed repayment if you want to
- You can choose to take out a tracker mortgage for a short period of time so you are not tied to a policy for a long time
If you are looking for the best tracker rate mortgages on the market we recommend you follow these tips:
- Research the market and compare mortgage deals from a number of different places. This can help you to gain a rough idea of the mortgage that is most suited to your personal needs
- Examine the predicted economic climate of the UK to see if tracker rate mortgage a good idea at this present time
- Using a mortgage calculator helps to accurately define the likelihood of your mortgage costs. You can then use the average cost to find the best tracker rate mortgages available.
If you require further information and advice it might help to get in touch with an independent mortgage provider or mortgage advisor.
Finding the best tracker rate mortgage does not always mean choosing the cheapest deal. Do not get over excited by cheap first sight mortgage offers as on closer inspection you may find that there are additional fees and higher payments later on.
Use our comparison tables to see if you can find the best tracker rate mortgage deal for you.