What Are Tracker Mortgages?

This is a variable rate mortgage where the interest rate is linked directly to the Bank of England Base Rate.  When the base rate changes the interest rate on your mortgage changes by the same amount, for example if the base rate increases by 0.25% your interest rate will increase by 0.25%. At the end of the deal period the interest rate will usually revert back to the lenders Standard Variable Rate. A booking or arrangement fee may be payable for this type of mortgage product.