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Tracker / Tracker Discount Rate Mortgages
The benefit period can be from 6 months to term of the mortgage.
The Interest rate you pay has no reflection to the lenders standard variable rate, instead is linked to the Bank of England Base rate ensuring your payments reflect the underlying interest rate.
The rate payable may be "plus" or "minus" a
set percentage. i.e. BoE plus .5% for a given time. At the
end of the tracking period, the rate reverts to the lender's
variable rate applicable at that time. You may have to pay an arrangement fee and there may be an early repayment charge during the tracker period. |
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