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.