| Product type |
Tracker
|
| Pay Rate |
6.15% |
| APR |
6.8% |
| Expiry Period |
2 Years |
| Max LTV |
75% |
| ERC |
1.5% |
| Arrangement Fee |
£599 |
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With a Tracker Mortgage the lender sets a rate linked to a standard rate - either the lender's variable rate or Bank of England base rate. The differential between the rate you pay and the variable rate remains constant but you should be aware that the rate will fluctuate along with the bank’s base rate.
There is no upper limit on the rate that can be charged. The interest rate reverts to the standard rate at the end of the tracker period. Tracker rates can be for a limited period of years or for the lifetime of the mortgage.
Rates will vary between lenders and Mortgages By Phone can provide you with a range of competitive options.
Some lenders will charge an arrangement fee for this type of mortgage and may also make an ‘early repayment charge’ (see glossary) should you choose to pay off the loan within the discount tracker period.
To find out more about this type of mortgage call us on 0845 071 4414