Tracker Mortgages - switch to another tracker?

new_mortgageeee

I've just applied for a lifetime tracker mortgage - no fees, ERCs or exit fees. Which I think gives me a lot of flexibility should the base rate rocket. Generally happy.

I've got a 30% deposit, but the same bank offer a better tracker rate with a 40% deposit.

In the future (assuming the base rate will go up), would it be possible to remortgage with the same company (or another) once my equity has reached 40%, and therefore get the better rate? Or would I need a new deposit? There doesn't seem to be anything precluding this that I can find, but it seems too simple, so I think I'm missing something.

Thanks!

HappyMJ

The product may not be available in the future but yes you can ring the bank and reduce the interest rate by paying off enough of the balance to get your equity up to 40%. Whether it's worth it or not is up to you.