Tracker Mortgages in Orpington

Advantages

• As we mentioned, BoE rates have been low for some time making tracker mortgages quite popular.
• If that BoE rate falls further, your rate will fall in lockstep.
• Paying less each month would put more money in your pocket for other things.
• Or you can use the extra money to pay down your mortgage more quickly.
• The fees associated with mortgages are sometimes lower for tracker mortgages than they are for fixed-rate mortgages.
• The rate on tracker mortgages is sometimes capped to prevent it rising above a certain level.

Disadvantages

• When the BoE interest rate rises, so does your monthly mortgage payment.
• Some tracker mortgages are only good for an introductory period of 1-5 years. Once that period expires a higher variable rate kicks in.
• Lifetime tracker mortgages usually have a higher base rate than introductory tracker mortgages.
• Not every Orpington applicant will qualify for a tracker mortgage.