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Tracker Mortgages - Best4U Kettering Northamptonshire
These are based on Bank of Englandâ€™s base rate which is reviewed on the first Thursday of every month.
This is where the lender tracks Bank of England by a set amount i.e plus 1% or minus 0.5%, so whatever happens to bank of england you will always be a set amount above or below it for a set period.
Most often they are a lot lower than the lenders variable rate.
These have the same benefits and drawbacks as a variable and discounted rates in that your monthly amount can go up or down.