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Tracker

Tracker mortgages are a kind of variable rate mortgage where the interest rate is linked to the Bank of England base rate. The lender places an extra rate of interest of 1.5%, for example, on top of the base rate of 3.75%. This means that the rate of interest you pay would be 4.25%. As the base rate changes (whether that is up or down) your rate will remain 1.5% above it.