Tracker Rate mortgage
Base Rate Tracker mortgage
The interest rate is a fixed percentage above Bank of England UK Repo Rate (Bank Base Rate) for the mortgage term. So if Bank Base Rate increases, up goes your monthly repayment; if it drops, then down goes your monthly repayment. The minimum interest rate charged will be 3% and the rate you pay will change within 30 days of a change in Bank Base Rate.
All you need to know about Base Rate Tracker mortgages
How much can you borrow?
Unless stated otherwise on the interest rate tables, you can borrow up to 90% of our mortgage valuation of the property or the purchase price (if applicable), whichever is lower (providing we approve your application).
Your Base Rate Tracker mortgage can move with you
All our mortgages are portable. This means that if you move home, you can have a mortgage on your new home on the same terms, providing that your new home is a satisfactory security for the loan, is situated in either England or Wales and that your financial position meets our criteria at the time.
Free valuation
Because we need to know how much your property, or the property you want to buy is worth, we will pay for a valuation on some of our mortgages. Check our interest rate tables for more information.
If you want a Homebuyer’s Report or a Full Structural Survey, either can be completed at the same time as our mortgage valuation, but you’ll have to pay for this additional service. If a second valuation is required, any additional fees incurred will have to be paid by you.
Payment holidays and underpayment options
We try to make our mortgages as flexible as possible for you. We know that sometimes you may want to pay more than the standard monthly payment, so you can with your N&P mortgage.
Overpaying can also make it possible for you underpay on occasions – or even skip a few payments completely. You can exercise either option providing you have made enough overpayments to cover the payment holiday or the underpayment(s).
Free legal fees or £200 Cashback
If you’re remortgaging and use a conveyancer selected and instructed by us, we’ll pay the legal fees on some of our mortgages. If you’re buying your home we’ll send you a cheque for £200 on completion (unless stated otherwise on the interest rate tables).
Our charges
A Product fee will be added to your mortgage account on completion. If you choose not to arrange your buildings insurance through us, or if you arrange it through us and subsequently cancel the policy, a fee will be charged.
Pay off your Base Rate Tracker mortgage early
You can do so whenever you want and there’s no early repayment charge.
Minimum advance
The standard minimum advance is £20,000 (unless otherwise stated).