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A tracker mortgage has a variable mortgage rate that is linked to the Bank of England Bank Rate often called the base rate. The Bank Rate is reviewed on a monthly basis which means tracker mortgage rates will increase when the Bank Rate rises or decrease when the Bank Rate falls. If you take out a tracker mortgage when the interest rate is low, your monthly repayments will also be low. However, if the Bank Rate increases, so will your monthly mortgage repayments.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
This website is only for use in the UK and the products and services on it are only available to you if you are a UK resident. Mortgages are only available on properties in England and Wales.
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Principality Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, reference number 155998.