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What Are Tracker Mortgages?
A tracker mortgage is a type of variable-rate mortgage where the interest rates, and by extension the monthly payments, may change from one month to the next. Unlike tracker mortgages, the rates of the variable mortgage are set solely by the lender, who can choose to raise the rates.
Tracker mortgages, however, are typically tied to the rates set by the Bank of England. The rates are a combination of the base rate from the Central Bank and a fixed rate set by the lender. If the base rate is at 0.5%, for example, and the lender set a 1% fixed rate, the final rate is 1.5%.