Tracker mortgages are very popular, the way they work is like a discount rate mortgage but the difference being your mortgage rate stays the same distance apart from the Bank of England base rate. If the Bank of England base rate goes up by 0.25% so will your mortgage rate and if it falls by 0.5% so will your mortgage rate. Example: Bank of England Base Rate 4.0% Your tracker rate is + 0.5% That means your mortgage rate would be 4.5% If the Bank of England rate fell by 0.5% then the Bank Base rate would be 3.5% This would means your tracker mortgage rate would become 4.0% Click here now to find out how we can help you through the mortgage mine field to the best deal for YOU!
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Your home may be repossessed if you do not keep up repayments on your mortgage.