Base Rate Tracker Mortgage

A base-rate tracker mortgage has an interest rate that tracks the Bank of England's base lending rate. These deals can last for a few years, reverting to the lender's standard variable rate after that. They can also be for the whole mortgage term and are known as a lifetime tracker. Every time the Bank changes its base rate, your interest rate will change by exactly the same amount.

Most lenders set their standard variable rate at about 2% over base, so effectively this is a type of discount deal. Just like with any other variable rate discount deal, a base-rate tracker will suit some people better than others.

Your home may be repossessed if you fail to keep up the repayments on your mortgage.

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