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Tracker Remortgage Deals

A Tracker Remortgage is a remortgage that has an interest rate that moves in accordance with the Bank of England's Base Rate. Usually priced at a rate above the Bank of England base rate but below the lender's standard variable rate, the Tracker remortgage allows the borrower to benefit from a drop in the base rate, even when the lender doesn't reduce their standard variable rate.

Due to their popularity among borrowers, Tracker Remortage deals are abundant, with scores of banks offering low initial rates to attract customers. Like tracker mortgages, Tracker Mortgages are usually set up to be paid over 25 years. The borrower pays a low initial rate for the first two or three years, then pays a rate 100 basis points more for the remaining 22 or 23 years. Tracker Mortgage deals vary in their increase in interest after the inital rate, with some lenders charging more than 100 basis points or less than 100 basis points. Lenders may also require a fee to be paid as part of the Tracker Mortgage deal. These differences in lender details make research paramount in finding the best Tracker Mortgage deal available. The benefit of Tracker Mortgage deals is in the details.

Some risk, however, comes with all tracker mortgage deals. In the event the Bank of England were to suddenly increase the base rate by hundreds of basis points, the borrower would be forced to pay a dramatically higher rate. Ability to stomach a larger monthly payment should be taken into account when a potential borrower is deciding whether or not to take advantage of a tracker mortgage deal. If you are looking for a remortgage and able to stomach some risk, a Tracker remortgage might just be for you. With rates lower than standard variable remortgages, and the potential for even lower rates, tracker mortgage deals should be strongly considered.

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