With a tracker mortgage, the interest rate for the specified period will stay at the margin above or below the Bank of England base rate. If the Bank of England base rate goes up or down, so will the interest rate that you pay. Early repayment charges are usually payable for this initial period.

With the base rate at a record low with little talk of this increasing in the next couple of years, tracker rates have become a popular choice.

bank-of-England

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