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Tracker Mortgages

Image by Ralph Kelly

These are directly linked to the Bank of England Base Rate (BBR). They could be the same as the BBR or they could be a specific amount above or below the BBR – the key point is that they are directly linked to the BBR.

For example:
If a mortgage is a 2 year Base Rate+2.25 it means the interest rate will be the BBR plus 2.25% for 2 years.
If the BBR was 3.0% then 3.0% + 2.25% = 5.25%.

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