19 Mar

Q&A: What is a tracker mortgage?

Choosing the right mortgages for first time buyers

Choosing the right mortgages for first time buyers

What is a tracker mortgage and how do they work?

Answer: A tracker mortgage “tracks” the BOE base rate. This means the rate of interest you are charged will follow the rate set by the BOE.

For example, you may have a mortgage that is 1% above the base rate, this would mean that with the current rate you would be paying 1.5% interest on your mortgage.