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Tracker Mortgage
With a Tracker Mortgage the interest rate you pay will normally be set at a certain fixed percentage above or below the Bank of England base rate. So when the base rate changes, your rate will also change and your repayments will go up or down soon afterwards, usually at the next monthly payment.
Typical features and benefits
Early Repayment Charges - you should be able to repay your mortgage whenever you want, but charges sometimes apply.
Wide choice to suit your needs - borrowing between £25,000 and £1.5m for up to 95% of the value of your home, and between £25,000 and £500,000 for up to 100% of the value.
The exact mortgage you choose often depends on:
* The size of your loan and its relation to the value of your home
* The maximum length of time you want to keep the loan
* Whether you want to repay your loan at any time without paying an Early Repayment Charge
Product and valuation fees
Lenders may charge a product fee, which varies according to whether you are:
* moving home
* switching your existing mortgage from your current lender
* already have a mortgage with the same lender and are looking to borrow more or change your deal
A valuation fee may also be charged if you are:
* moving home
* switching your mortgage from your current lender and your property is of high value
For further information click here for independent mortgage advice and quotation.
NOTICE: A mortgage is a loan that is secured on your home and you also need to think carefully before securing any other debts against your home. Your home could be taken away by the lender and sold if you do not keep up the repayments on the mortgage or any other debt secured on it - if you are in any doubt, seek independent professional advice. These notes are offered as a general guide only and do not constitute mortgage or legal advice.
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