With a base rate tracker mortgage, lenders link your payments to the Bank of England base rate for a set period of time. Similar to a variable rate mortgage but the interest rate is guaranteed to be a set amount above the Bank of England base rate and alters in line with changes to that rate.

A base rate tracker mortgage is attractive when interest rates are low, however increasing rates will be passed on to you as well. This means you may need to increase your mortgage payments when the base rate rises. Some lenders have introduced a minimum rate on their tracker mortgages below which your rate will not fall - this is known as a collar.

It is possible to get deals which track the base rate for the life of a loan.  The alternative is a mortgage which tracks base rate for just a few years and then automatically switches to the lender's standard variable rate.

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