Base rate tracker mortgages
A mortgage that is guaranteed to be in step with the Bank of England Base Rate (BBR) for a set period. With flexible benefits to give you the freedom to adapt your mortgage to the changing demands of your lifestyle.
Please note a valuation fee may be charged in accordance with the valuation fee scale.
| Name | Initial Rate | Changing to | The overall cost for comparison is | Early Repayment Charge | Fees |
|---|---|---|---|---|---|
| 2 Year Base Rate Tracker Mortgage | 5.99% Variable for 2 years (1.49% above the Bank of England base rate, currently 4.50%) | Standard Variable Rate currently 7.14% | 7.3% APR | An early repayment charge is applicable for the first 2 years | £999.00 |
| Find out more» See how much it costs you» | Apply Now | ||||
More about Tracker Mortgages
Tracker mortgages shadow the Bank of England (BOE) Base Interest Rate - meaning that a customers monthly payment will vary depending on the BOE Base Interest Rate each month. The tracker mortgage percentage could be 'above' or 'below' from the BOE Base Rate. For instance, if your tracker mortgage was 1.49% 'above' the BOE Base Rate then you would add 1.49% to the monthly base rate in order to calculate the monthly interest.
Many customers may wonder what the difference is between a discount and tracker mortgage. Simply put, a tracker mortgage shadows the BOE base rate, while a discount mortgage shadow's the Society's Standard Variable Rate (SVR). This means that with a tracker mortgage, your payments will change every time the BOE base rate changes. The discount mortgage will change with the SVR, however there is no guarantee that the Society's SVR will change when the BOE base rate changes. Meaning that with a discount mortgage, your payments could remain unaffected even when the BOE base rate changes.
Remember that a tracker mortgage will revert to the Society's SVR after the initial tracker period of the mortgage has expired.
Is a Tracker Mortgage right for me?
A tracker mortgage may appeal to borrowers who believe that interest rates could fall or remain low over the tracker period but are prepared to take the risk that interest could also increase.
What trackers do not offer is the stability of fixed monthly payments; the nature of this mortgage means that repayment amounts could fluctuate on a regular basis depending on the BOE base rate. If you are seeking more stable repayment rates then a fixed rate mortgage may be more suitable than a base rate tracker.
Other mortgage options
If a base rate tracker isn't the mortgage for you then there are plenty of alternatives available from the Cheshire. Potential mortgages that we could offer as an alternative to tracker mortgages are:
Having difficulty finding a Tracker Mortgage?
Finding the right tracker mortgage product for your circumstances isn't always easy when navigating through the various choices available. If you have been struggling to find a tracker mortgage to suit your circumstances then why not contact Cheshire Mortgage Brokers (link opens in new window) who can compare the market to find the best tracker mortgage for your needs. Cheshire Mortgage Brokers uses expert mortgage advisors who can guide you through the process of applying for a base rate tracker mortgage. For more information:
- Visit the Cheshire Mortgage Brokers website (link opens in new window).
- Call Cheshire Mortgage Brokers directly on 0800 030 4167.
Some extra help
- Understand which mortgage will suit your lifestyle using our perfect mortgage guide
- Or use our Mortgage finder for the right product.
- The Cheshire’s Estate Agency can help you with selling or buying in or around Cheshire.
- Considering a home move? Check out our low cost conveyancing service.
- Moving house? Here's a few other things you might want to consider...
Your home may be repossessed if you do not keep up repayments on your mortgage.
