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Tracker Mortgage (Variable Rate Mortgage)

With a tracker mortgage, your interest rate is linked to either the Bank of England’s base rate, the Lenders Libor Rate or the Lenders Standard Variable Rate, and your rate of interest charged will move up and down in line with it.

This means that if the rate rises by 0.25% or lowers by 0.25%, the interest rate on your mortgage (and your monthly payments) will rise or lower by just as much.

  • If the base rate goes down, you’ll benefit from lower monthly payments.
  • If the base rate goes up, your mortgage payments will increase.
  • It is harder to budget with a tracker mortgage than a fixed rate mortgage as you payments can fluctuate.

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Overall cost for comparison 8.3% APR. The actual rate available will depend upon your circumstances. Please ask for a personalized illustration. A fee may be charged on completion typically 2.00%. Paying off short term loans and credit cards with a mortgage could cost you more over the long term. Early repayment charges may apply. Think carefully before securing other debts against your home.
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