Frequently Asked Questions
The interest rate remains the same throughout the period of the deal. If you opt for a fixed rate, you’ll have the security of knowing exactly how much your mortgage will cost you for a set period of time.
The interest rate on a tracker mortgage is linked to the Bank of England base rate. So if the base rate changes, your mortgage rate will change too.
Trackers aren’t the only type of variable mortgage, discounts are another. However, unlike trackers the interest rate isn’t linked to the Bank of England base rate. Instead, it’s linked to the lender’s standard variable rate and this is a significant difference because lenders can change this even if there has been no change in the base rate.
A standard variable rate is a type of mortgage interest rate that you are most likely to go onto after finishing an introductory fixed, tracker or discounted deal.
Any other questions?
If we haven’t answered all of your questions above, please get in touch and one of our expert advisors will be able to help.
Our team have years of experience working within financial services and we pride ourselves on ensuring we offer a positive customer journey.