A Tracker Mortgage is a Variable Rate Mortgage that is at an interest rate that is a fixed amount above or below a specified base rate. As the specified base rate changes, the interest rate applicable for the Tracker Mortgage will automatically change to remain the same percentage above or below the base rate. Tracker Mortgages may apply for a fixed period before reverting to the mortgage Supplier's standard Variable Rate.
A Variable Rate Mortgage (or Standard Variable Rate Mortgage) has an interest rate that may increase or decrease over time. The interest rate charges will change as interest rates in general change.
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Remember, a mortgage is security for a loan in the form of the provision of a right in property, such as land or buildings. Typically, if terms of the loan are not met, then the lender has the right to sell the property to recover the debt.