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.
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