If you would like a mortgage which has an interest rate that follows the Bank of England’s Base Rate, then a tracker mortgage could be the one for you.

The interest rate tracks whatever rate is set by the Bank of England with a constant differential. The result on your monthly mortgage interest payments is that they go up when the base rate goes up and go down when the base rate goes down.

A tracker mortgage is a variable rate mortgage which always follows the Bank of England’s Base Rate, so your payments will change in accordance with external market interest rates. You will quickly benefit from any potential changes, plus the rate on your tracker mortgage always maintains the same differential between the rate you pay and the interest rate set by the Bank of England.
You will need to bear in mind that base interest rates don't just go down. As and when the Bank of England raises UK interest rates, the cost of your tracker mortgage will rise as well.

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