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Tracker Mortgage Advice

Your home may be repossessed if you do not keep up repayments on your mortgage.

Looking for advice on tracker mortgages in Northampton? With Whole of Market access, Derngate Wealth Management Northampton can find the right deal for you. Contact us today to book your consultation

What is a tracker mortgage?

The interest rate on a tracker mortgage is linked to the Bank of England base rate. If the base rate changes, your mortgage rate will also change.

If the Bank of England base rate is at 0.50%, and you took a tracker mortgage with a rate that is 2% above the base rate, you will be paying an interest rate of 2.50%.

Could I save money?

Over the last few years, interest rates have been historically low, and so those who have been on a tracker mortgage have saved money compared to those on a fixed rate mortgage.

However, there have been times in the past where interest rates have risen sharply and homeowners have been unable to meet their mortgage repayments.

If you need to budget carefully, a fixed rate mortgage will probably be a better solution for you.

The team at Derngate Wealth Management Northampton can discuss tracker rate mortgages and help you decide whether it’s the right option for you.

How does a tracker rate mortgage work?

Tracker rates can be set for an introductory period (typically 2, 3 or 5 years). Or you can have a lifetime tracker which means that you will be on a tracker rate for the whole mortgage term.

If you are on an introductory tracker rate, your mortgage will usually go onto a Standard Variable Rate or another (usually higher) tracker rate at the end of the initial term. You could also transfer onto a tracker rate once your fixed rate mortgage deal has ended.

If you want to get out of your mortgage before the term is up, you’ll be charged a penalty fee. Lifetime tracker mortgages are often penalty-free, making them a more flexible option.

At Derngate Wealth Management in Northampton, we can help you work out what your repayments will be compared to a fixed rate mortgage, and help you budget for a potential rate rise each month.

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Why choose Derngate Wealth Northampton?

  • Access to the whole mortgage market.
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  • Friendly, jargon-free advice.
  • Regulated by the Financial Conduct Authority
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  • Contact us using the form above to book your consultation. We’re based in the heart of Northampton and are open Monday-Saturday from 9am-6pm.

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    Frequently Asked Questions

    Are tracker mortgages fixed term?

    You can generally get a tracker mortgage for an introductory period, usually between one – five years. Alternatively, you can get a lifetime tracker, which will last for as long as your mortgage.

    Is it good to be on a tracker rate mortgage?

    Being on a tracker mortgage can save you money. But there is risk involved as you won’t know what you’ll be paying each month. By speaking to a mortgage broker, they will be able to assess the risk and perform stress tests to ensure you can continue to keep up on repayments, even if there’s a rise in interest.

    How do I get a tracker mortgage?

    It’s worth speaking to a tracker mortgage broker. They will be able to help you understand your options and find the right deal for your circumstances.