How to Get a Bank of England Tracker Mortgage

The Bank of England Tracker mortgage is a type of mortgage designed for people who are not afraid to take a few risks when it comes to their money. There is investment risk involved with this type of mortgage; historically, conservative investors have relied upon other types of mortgages.

Difficulty: Moderately Challenging

Instructions

1. The tracker mortgage follows the Bank of England base rate or interest rate. As the base rate goes up, so does the rate you're paying on your mortgage. Similarly, as the base rate comes down, so too does the rate on your mortgage.

2. Most banks follow the Bank of England base rates for the majority of the products and services they offer. Some banks will tell you that they are the only ones offering the tracker mortgage at a particular rate. In fact, many financial institutions tack on a small percentage to the base rate being offered in order to keep making money.

3. Talk to your bank. Most lenders offer the tracker or variable mortgage, so make an appointment at your home branch and speak with a mortgage specialist or bank manager to decide which type of mortgage would be best for you.

4. Weigh your options carefully. Remember that there will be fluctuations in the rate of your mortgage; it's a "variable" type of investment.
   
   Also, speaking to other home owners, asking them about what options they were given will help you in making an informed and knowledgeable decision.