Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Tracker Mortgage

What are Tracker Mortgages?

Tracker Mortgages (also sometimes known as Rate Tracker Mortgages) are a type of mortgage that adjust in-line with the Bank of England Base Rate, plus a certain percentage, depending on the mortgage offer.

As is the nature of this type of mortgage, any reduction in the Base Rate will be passed on to the borrower, meaning cheaper monthly payments, but conversely any rise in the base rate would mean an increase in interest.

Tracker mortgages are sometimes confused with Discount Mortgages, which are similar, but base their figure on the lender's Standard Variable Rate, rather than the Bank or England base rate. These therefore run the risk that any drop in the base rate will not have an affect on the mortgage rate.

For those wanting the security of a fixed repayment amount each month, fixed rate mortgages may offer a safer option.

Q: How do they work?

A: A tracker mortgage usually works out as the base rate plus an advertised percent (usually between 1-3%). These are sometimes capped, so there’s a set maximum amount you can end up paying.

Q: How do they affect my credit file?

A: Much like any other mortgage, as long as you keep up payments, your credit file will benefit from a tracker mortgage for the duration of your payments as it will show other lenders your ability to make credit commitments on time.

To see how your mortgage appears on your Credit Report, you can try checkmyfile FREE for 30 days, then for just £14.99 a month afterwards, which you can cancel at any time.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.