These faithfully track the Bank of England base rate by a set percentage. Every time that base rate changes so will the payments on your mortgage. This is fine when rates are going down as they ensure you immediately benefit from any savings, whether or not your lender has decided to pass on the change by lowering its standard variable interest rate. However, if interest rates go up, then so will your payments and you could be paying above the odds if your lender decides not to pass on the rate increase to its other customers.
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Your home may be repossessed if you do not keep up repayments on your mortgage
A FEE MAY BE PAYABLE TO THE BROKER FOR MORTGAGE ADVICE IF YOU PROCEED WITH AN APPLICATION, OF UP TO 1% OF THE LOAN AMOUNT. THE BROKER WILL PROVIDE YOU WITH DETAILS BEFORE YOU ARE ASKED TO COMMIT.