Tracker mortgage advice
Tailored rates with firstmortgage.co.uk
Are you looking for tracker mortgage advice or assistance?
First Mortgage is a specialist broker that is totally impartial. We search the whole of the UK market to find the best deals. Call us on 0845 603 1525 for tracker mortgage advice and to arrange a great value deal. First Mortgage can save you time, money and hassle when trying to find the right tracker mortgage.
What is a tracker mortgage?
Tracker mortgages rise and fall in line with fluctuations in the Bank of England’s base interest rate. Usually, your rate is a percentage above the base rate (for example + 0.7%) for a set period. Lifetime trackers last for the entire mortgage term, but most have a specified period before returning to fixed or standard variable rates.
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Because a tracker deal doesn’t suit everyone, it’s worth considering the following advantages and disadvantages before choosing a deal:
If the base rate falls, then your monthly interest is reduced
However, if the base rate rises, then so do your monthly repayments
Fortunately, most deals offer a cap on the maximum amount your interest can rise above the base rate
Your deal may have early repayment or switch charges
Some deals have a set minimum interest rate, meaning that if the base rate falls below this you won’t see the benefit
Call us on 0845 603 1525 for a free consultation with one of our friendly and experienced team. We are happy to discuss your situation and help you make a decision with advice and suggestions.
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