A Tracker Rate mortgage follows movement in the Bank of England base rate with a variable rate set above or below the base rate.

This means that while you would benefit from any reduction in the base rate, if the base rate were to rise then your monthly payments would increase too.

Many lenders now offer Tracker Rate mortgages, which can be available for a fixed period or for the entire life-time of the loan.

If the Tracker Rate is arranged for a set period of time, at the end of this period the mortgage will revert to the lender’s standard variable rate.

At Cook Allen & Associates, we have a select panel of lenders offering a variety of mortgage products. If you would like to speak to one of our qualified mortgage advisers regarding any mortgage or remortgage schemes please call 0845 257 9301, or complete our brief questionnaire and one of our mortgage advisers will get in touch to discuss you mortgage requirements.