#mortgage rate tracker

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# Best Buy Tracker Rate Mortgage Deals

A tracker rate mortgage is a type of variable rate mortgage that follow the movements of another rate. The most common tracker rate mortgage follows the Bank of England Base Rate. Tracker mortgages don’t exactly match the rates they track, but are at a usually offered at a set margin above that rate. For example if the base rate is 0.25% and your mortgage deal is offered at 1.5% over base your mortgage rate will be 1.75%. Tracker deals are usually available over a fixed period of time, for example 2- 5 years. After this time if you don’t remortgage you’ll be moved you’re your lender’s standard variable rate. However, you could opt for a lifetime tracker, which follows the base rate throughout the entire term of your mortgage.

#### Why speak to an adviser?

Before opting for a tracker rate mortgage it’s important to speak with an independent mortgage expert. Our advisers at John Charcol will be able to assist you in understanding what would happen if rates did rise and assess whether you would be able to afford for your monthly mortgage repayments. If you couldn’t then we’ll help suggest a mortgage better suited to your needs.

#### Current best tracker rate mortgage deals:

Total amount of credit

Total amount payable

Max Loan to value 85%: 2 Year 1.69% Tracker

1.69% – Bank Base Rate plus 1.44% for 2 years then 3.74% Variable for term

Total amount of credit

Total amount payable

#### Fees and charges:

Booking Fee 0

Arrangement fee 999

Valuation fee 0

Other fees 20

#### Flexibility:

Overpayments allowed? Unlimited

Early Repayment Charges No early repayment charge but a fee of £65 is payable when the mortgage is redeemed

#### Other info:

Exit fee 65

Basic legals Payable

Special Deal Free Standard Valuation. Free Legal Service for Remortgages.

Call now for more information: 0344 346 3672

Representative example A mortgage of £382,500 payable over 25 years on a repayment basis, initially on a tracker rate for 2 years at 1.69% (1.44% above Bank of England Rate, currently 0.25%, which will not go below a floor of 1.44%) for 2 years and then on a variable rate of 3.74% for the remaining 23 years would require 24 payments of £1,564.14 and 276 payments of £1,933.12. The total amount payable would be £572,164 made up of the loan amount plus interest (£188,580) and fees (£1,084 which includes exit fees of £65). The overall cost for comparison is 3.50% APRC representative.

Max Loan to value 60%: 2 Year 1.74% Tracker.

1.74% Barclays Bank Base Rate plus 1.49% for 2 years then 3.74%- Barclays Bank Base rate plus 3.49% for term

Call now for more information: 0344 346 3672

Representative example A mortgage of £292,500 payable over 25 years on a repayment basis, initially on a tracker rate for 2 years at 1.74% (1.49% above Barclays Bank Base Rate, currently 0.25% and then on a tracker variable rate of 3.74% (3.49% above Barclays Bank Base Rate, currently 0.25%) for the remaining 23 years would require 24 payments of £1,046.71 and 276 payments of £1,165.34. The total amount payable would be £348,179 made up of the loan amount plus interest (£76,755) and fees (£1,424 which includes exit fees of £80). The overall cost for comparison is 2.10% APRC representative.