Tracker mortgage
Mortgages & secured lendingA mortgage where the rate follows a base rate plus a set margin.
Overview
Payments can go up or down when the base rate changes.
Trackers can be cheaper initially but less predictable.
Why it matters
- It exposes you to rate changes.
- It can lower costs when rates fall.
- It affects budgeting stability.
FAQs
Is a tracker mortgage risky?
It can be if rates rise. Budget for potential increases.
Can I switch from a tracker to a fixed rate?
Often yes, but fees or restrictions may apply.
Related terms
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