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help please what is tracker?
mummytwinton
Posts: 143 Forumite
we have always fixed our mortage & we have 8 months before we come out of a 5y fixed 5.24, fixed just before it went down....
I don't understand tracker 2 years at 2.24% will it stay at this rate for the whole 2 ys? or will it go up if rates change?
I don't understand tracker 2 years at 2.24% will it stay at this rate for the whole 2 ys? or will it go up if rates change?
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Linked to the Bank of England rate. Will move up and down as and when their rate moves.0
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It will change in line with either Bank Base Rate or Libor.
Probably Bank Base Rate.
If the rate rises by 0.5% so will you rate.
It wil 'track' what the base rate does.
If you are not prepared to gamble with rising payments you should look at a fixed rate.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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