Tracker rate mortgages are a big talking point at the moment because of the Bank of England base rate being so low. A tracker rate is as it sounds, it tracks the Bank of England base rates.
Many people recently have benefited from being on a tracker rate but it's not for everybody due to a potential rate increase which transpires into an increase in monthly payments. However we do look at your attitude to risk and your overall affordability to ensure you can manage the payments in the event the BoE rate starts to rise.
It is a great time to move to a Tracker Rate but in this video I explain it in more detail so that you have a better understanding of the pros and cons. Please get in touch if I can advise further or fill in an enquiry form via our website. Thanks for watching!
Sarah Tucker, founder of The Mortgage Mum