A tracker remortgage rate is a variable rate which that moves in line with the Bank of England base rate and is determined by the State every month. The main benefit is that being variable, you could find yourself paying a lower interest rate for your mortgage and saving a significant amount of money.
The rate varies depending on the condition of the UK economy and during economic downturns, interest rates are lowered to encourage spending – and this is something that you could benefit from.
Remortgage Quotes Online acts as a whole of market broker and can help you find the best tracker remortgage deals and help you save money. By completing our online application form in less than 5 minutes, you can receive a list of quotes from over 40 mortgages providers that we work with. To get started, click on the ‘get my quote’ button below:
The main benefit of a tracker remortgage rate is that you may save money if the Bank of England base rate falls – and this could help you save hundreds or thousands of pounds per year.
However, you may pay more if the rate goes up – so this is something to consider. However, if the rate rises significantly, a lot of providers will allow you to switch to a fixed rate remortgage at no extra cost.
When you compare tracker remortgages, you should always look for good introductory periods since this can offer significantly lower rates for 2 or 3 years, and it is one of the most common reason for remortgaging.
Furthermore, trackers give you the opportunity to overpay on your mortgage and pay less fees for doing so. Over time, this could help you save hugely on the interest you pay for your mortgage.
Tracker remortgages can be a good idea if you think interest rates will go down, because you could benefit and pay much less on your mortgage.
In addition, if you can take advantage of an introductory period, you have peace of mind knowing that you are paying a very low rate at least for 2 to 3 years.
If you plan on making overpayments, this is mortgage product that allows you to do so with low fees and save money long-term.
At Remortgage Quotes Online, we save you the hassle of having to go individually to each mortgage provider to get a quote. Instead, we are able to give you a list of quotes from over 40 lenders, in one single place. Our eligibility checker is connected to all our partners so that we can provide instant quotes in real-time and help you compare rates and products effectively.
Our entire application is online and takes less than 5 minutes to complete. To get an initial quote, you simply need to provide some basic details about you and your property including its current value and equity that you have in your home.
All quotes are completely free and no obligation and you can proceed with the one that best suits your requirements. To get started, simply click on the apply now button below.