Tracker
Mortgages
A tracker mortgage is similar to a discounted mortgage in that there is an initial low variable interest rate; however a tracker mortgage tracks the Bank of England base rate, rather than the bank�s standard variable rate. With a tracker mortgage, you have the security of knowing that your payments can only increase in line with the country�s interest rates, rather than whenever the lender decides to change its standard variable rate.
As with a discounted rate mortgage, a tracker may also have an early repayment charge during the initial period.