Tracker Rate

How it works
A variable rate loan where the interest rate is set amount above or below the Bank of England or some other base rate and so always 'tracks' changes in that rate.

Early repayment charge?
During the special deal period -Yes, with some loans
For some time after the end of the special deal - Yes, with some loans.

Is it for you?
Yes, if you can afford to pay more when interest rates go up and want to be sure that falls in interest rates are passed on to you in full.
No, if you would be unable to afford the increased payments.

 

Your property may be repossessed if you do not keep up repayments on your mortgage.

 The Financial Services Authority (FSA) does not regulate some forms of mortgage. 

The information set out on this page is intended to provide a general appreciation of the topic and it is not advice. Guidance should be sought from a specialist who is qualified to advise in your specific circumstances.

For more information on any aspect of mortgages please contact Surrey Financial Advice on 01483 211800 or email us at admin@surreyifa.co.uk  We will be happy to assist you.