With a Tracker Rate Mortgage, the interest rate you pay will go up and down exactly in line with any change in the Bank of England base rate. Your payments will go up and down as the interest rate changes.
The tracker period is usually for a specified time, which can be from 6 months up to the lifetime of the loan. At the end of the tracker period, your mortgage interest rate will change to the lender’s Standard Variable Rate.
Note that this product may carry an early redemption charge.
IMPORTANT NOTE: Your home may be repossessed if you do not keep up repayments on your mortgage.