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Tracker Mortgages

A tracker mortgage is a variable rate mortgage that is set at an agreed percentage above the Bank of England Base Rate. The interest rate on your mortgage will rise and fall in line with any change to the Bank of England Base Rate. Please note that this means that your monthly mortgage payment is likely to change during the tracker period and could go up or down so you will need to bear this in mind when choosing your mortgage.

Once the tracker period of the mortgage ends it will revert to the Residential Mortgage Variable Rate (RMVR) which was introduced on 14 November 2012. It is a different interest rate to the Society's Residential Standard Variable Rate (RSVR) although both are set by the Society. These two interest rates may change by different amounts and at different times. The RMVR does not have any ceiling. For further details see our Skipton Variable Rates page.

Floor applicable to Bank of England Base Rate Tracker (BRT) products

A minimum interest rate (floor) applies to Bank of England Base Rate (BoEBR) Tracker products. This means that the minimum interest rate charged during the tracker period will not fall below the interest rate payable (the floor), as shown for each product, on completion.
For example: A 2 Year BRT at a current rate of 2.68% variable (BoEBR+2.18%). This means that the minimum interest rate charged (floor) will be 2.68% for 2 years.

2 Year Base Rate Tracker Mortgages

View description of abbreviations and Important Notes

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Gross means the interest paid before the deduction of income tax at 20%.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

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