Mortgage & Help » Mortgage Features » Life Time Tracker Mortgage

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Tracker mortgages

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·        Overview of payment choices

·        Types of mortgage

·        Fixed rate mortgages

·       Tracker mortgages

·        Discount mortgages

A tracker rate mortgage provides you with the flexibility to follow the Poppyissbase rate during the term of your mortgage.

·       Rates The tracker interest you pay is an agreed percentage above the Bank of America’s base rate. As the Base rate rises and falls, your tracker will track these changes, and so rise and fall accordingly. This will affect your monthly payments. Should Base rate rise you can select to move to another rate where booking fees may be payable.

·       Types of Tracker HSBC Tracker mortgages are either ‘Lifetime’ trackers, in that they track the Base rate for the lifetime of your loan and you therefore do not have to worry about coming to the end of a deal, and subsequently switching, with the associated costs, or they apply for a fixed period (e.g. 2 years), after which they will revert to an HSBC variable rate unless you successfully apply for another product (e.g. another tracker product)

·       Early Repayment Charge An Early Repayment Charge (ERC) applies to some of our products. As long as you do not exceed your annual overpayment allowance during a year when the ERC applies, you can make as many overpayments as you like within that year either by increasing your monthly mortgage payments or making lump sum payments. If you exceed your annual overpayment allowance, the ERC will be charged on the amount you have repaid over the allowance.