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First Time Buyers
Need a mortgage? Maybe you're a first time buyer and need a mortgage with a minimum deposit?
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Purchase / Remortgage
Need advice on the dos and don'ts of buying your next home? Fixed rate ending and need to remortgage?
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Other Products
Life Cover, Buildings and Contents, Sickness, Accident and Redundancy Cover, Secured loans
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Adverse Credit
Maybe you’ve got bad credit or County Court Judgments? We’ll find someone to listen with a sympathetic ear.
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FAQs
Watch short videos of our C.E.O. answering the questions most asked by our clients.
The Mortgage Point
Base Rate Tracker Mortgages
A base rate tracker mortgage has an interest rate that is linked to the Bank of England’s base rate for the length of the deal. This means that whenever the UK’s base rate falls, your monthly payments will decrease. Similarly, if the Bank of England decides to increase the base rate, your mortgage interest rate will also increase, along with your monthly repayments.
Unlike a discount mortgage, you are not linked to the lender’s variable rate, which they can decide to increase and decrease as they like. The base rate is decided on every month by the Bank of England’s Monetary Policy Committee in an effort to meet Britain’s inflation target.
The effect of market forces on the economy will have a direct effect on the amount you will need to repay each month. You will quickly feel the benefit if the Bank of England reduces interest rates and alternatively, see your repayments rise if they are increased.
The best base rate tracker mortgage for you will depend on your personal circumstances and so it’s recommended you seek professional advice as soon as possible.
By speaking to our mortgage advisors at The Mortgage Point, you will be able to discuss your financial situation and get advice on the type of product that would best suit your circumstances. We have access to thousands of different mortgage products from a variety of lenders, so we’re sure to be able to find the right deal for you.