Base Rate Tracker Mortgages

The name might be a bit esoteric, but a base-rate tracker is actually just a mortgage with 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.

Or they can be for the whole mortgage term known as a lifetime tracker.

For instance, you might find a mortgage deal with the interest rate set at base rate plus 0.25 per cent for two years, or base plus 0.75 per cent for life.

Most lenders set their standard variable rate at about 2 per cent over base, so effectively this is a type of discount deal.

Every time the Bank changes its base rate, your interest rate will change by exactly the same amount.

Just like with any other variable rate discount deal, a base-rate tracker will suit some people better than others.

To help you decide if this is the right type of mortgage for you, read Who should choose a tracker?

Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below

Important note about your credit rating

Many websites don't make it clear that filling in their mortgage enquiry form means you might be credit checked.

This can put you at risk.

UK Mortgage lenders may assume an enquiry you have aleady made to another lender means you were turned down - and not that you are in fact carefully shopping around and rejecting the bad deals.

The best way around this significant problem is to ask an independent mortgage adviser to make anonymous enquiries for you.

Without risking your credit score an adviser can find you the best available mortgage deal. They will also know how likely you are to be accepted by the lender if you decide to make a formal application.

If you would like a recommended adviser to check out the best deals for you, anonymously, simply fill in the quick form below.

" Hmm..." You might think; "Won't I be hounded by a salesman hungry for my business? "

This is the most common question we hear from our users.

The answer is no you won't.

Firstly your enquiry is only passed to ONE person on a carefully vetted list of independent advisers.

Secondly, these mortgage advisers are professionals. Even when the market is slow they are busy people. There many people who need to move homes, or get a remortgage and are looking for advice all the time. Regardless of the state of the property market, life goes on.

So the advisers don't have time to hassle people. It just doesn't work like that. No one is gong to be forced into taking out a mortgage unless they really need one.

The advisers are very used to talking with people, perhaps like yourself, who are only "dipping their toes" into the water.

Many people just want an initial quick chat and if they feel comfortable will ask the advisor to contact them again later - often in several weeks or months. As a professional, the adviser will simply diarise this and call back at the appropriate time. There is no obligation at all.

(In the unlikely event that you ever feel at all "hassled" by someone on our list please let us know immediately. We have never heard of this. But if it happened we would definitely want to know).

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Mortgage Guide
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