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Tracker Mortgage

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A tracker mortgage is set at a certain level over or above the Bank of England base rate for an offer period of typically 1-5 years.

By and large it is cheaper than its cousin the standard variable rate above but normally has payments for early repayment within the offer period. 

Advantages: 

If you feel after advice that rates will go down you will gain as your payments drop. If you feel the reverse it may be worth fixing or capping your rate that you pay. 

Disadvantages:

 If rates rose you would have no control over your payments and would see your payments rise. Take good advice over this before making a decision. Ensure it is an educated view rather than adviser comment. You may expect the firm to have an Economics graduate to assist in that view. 

For truly independent advice from the FT Adviser, UK Mortgage Broker of the Year for 2005, 2006 and 2007, complete our enquiry form or feel free to call us in confidence on 0845 230 9876.
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