A tracker mortgage, like any kind of variable mortgage, won’t give you total security over your interest rate. If the Bank of England base rate changes, the interest you pay will change too.
If you choose a longer-term tracker, or even a lifetime one, it may be hard to predict what will happen to interest rates in years to come.
If you need to know exactly how much your monthly mortgage repayments will be, you may be better off considering a fixed-rate mortgage deal.
It’s worth knowing that some tracker rate mortgages offer caps, which provide some protection from a sharp rise in interest rates. This is because the lender sets a maximum rate you can pay.