Base Rate Trackers

These mortgages work in the same way as standard variable rate mortgages but they track Bank of England base rate rather than the rate being determined by the lender. Hence, if the base rate changes, your payments will go up or down directly in line with it.

Be aware that some lenders offer tracker style mortgages which track their standard variable rate rather than base rate. These can be a little less predictable as lenders are free to set their standard variable rate as they see fit and don't have to follow base rate.

The interest rate is guaranteed to track the Base Rate thus meaning you receive full advantage of the movements and not just the proportion of the change the lender decides to pass on.

If the Base Rate rises significantly, your payments will increase dramatically thus making budgeting very difficult. These mortgages can be subject to early repayment charges and if interest rates rise you are unable to switch away to a better deal without penalty.

Charges are likely to apply if you want to repay part of your mortgage balance although some lenders are happy for you to make limited lump sum reductions or even transfer the mortgage to a new property if you want to move house.

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Mortgage Types

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

Sherwood Financial Solutions Limited t/a equate. Registered office address The Turbine, Coach Close, Worksop, Nottinghamshire, S81 8AP.
Registered in England. No: 05038055
Tel: 0800 0380098 • info@equatemortgages.co.uk
equate is a trading style of Sherwood Financial Solutions Ltd, an Appointed Representative of H L Partnership Ltd. which is authorised and regulated by the Financial Services Authority. H L Partnership Ltd. is entered on the FSA register (http://www.fsa.gov.uk) under reference 303397.
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