Tracker Remortgages Explained
A Tracker Mortgage is sometimes known as a variable rate mortgage. It usually tracks the Bank of England’s base rate, which can go up, down or remain the same. The lender you choose will then set their own rates based on Base Rate, and you’ll generally pay a set percentage of interest on top of the base rate.
People often choose a tracker rate for the following reasons:
- Tracker mortgages can have lower rates than fixed rate mortgages.
- When rates are high, if the base rate does peak and then starts to fall, a tracker will allow clients to take advantage of falling rates.
- Tracker rates often don’t have early repayment charges. This means it is easier to remortgage or move home if you need to.
A tracker remortgage isn’t for everyone. Much depends on your appetite to risk and what you can afford to absorb in your monthly budget.
We would advise you speak to a mortgage adviser like us to fully review your circumstances and decide what is suited to your circumstances.
You might find that a fixed rate mortgage is more suitable. With this, you pay the same for the duration of your mortgage term. This brings certainty to the amount you will pay each month, which many people value. Especially with uncertainty around other bills such as gas, electric and food costs.
We can guide you through the process including the pros and cons of Tracker Remortgages. We’ll scour the market for the right deals from multiple lenders, handle the paperwork, and save you valuable time, money, and stress.
Contact us today to get the ball rolling.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
How we work
- Personalised, hard working service
- Search 1000s of deals from multiple lenders
- Detailed research to ensure you save money
- Take care of the paperwork to minimise stress
- By your side from application to completion
- The experience to get a good result for you
Why choose us?
We are not like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.
We have over 80 five star reviews on Google and over 90 verified reviews on VouchedFor. And we would love to work hard for you.
To speak to a member of the mortgage advice team about your Tracker Remortgage ring Your Mortgage Expert now on 01722 322683. Or complete a contact form using the link below.
Meet the team
Our small, friendly team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. Sometimes it’s nice to put a name to a face. So if you want to find out more about us, visit our Meet the Team page.
Our team has:
- Over 80 years of experience in the mortgage and protection industry
- All members of our customer facing team have mortgage qualifications
- We have over 80 five-star reviews on Google
- Have helped hundreds of people choose between fixed rate and tracker remortgages
Dan Harris - Mortgage AdviserDan Harris first started working in mortgages in 2004. Since then, he has helped lots of people remortagage. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation.
Adam Nanson - Managing DirectorAdam Nanson has worked in the Mortgage Industry for over 20 years. His friendly approach will mean you'll understand the complicated bits and cut through the jargon. Adam has particular expertise with self employed and contractors.