Best Tracker
Tracker mortgage that follows the Bank of England base rate. Transparent pricing — you always know why your rate changed.
A tracker follows the Bank of England base rate plus a fixed margin, so your payment moves when the base rate moves. HSBC's tracker range is priced competitively and, importantly, much of it comes without early repayment charges.
That last point is what makes trackers interesting beyond the rate itself. A tracker with no early repayment charge lets you switch to a fixed rate whenever you choose, without penalty.
Who it suits. Borrowers who expect base rates to fall, those who want the option to switch or repay without penalty, and anyone who might move or sell in the near term.
Worth knowing. Your payment can rise as well as fall, and there is no cap unless the product specifically includes one. Only take a tracker if your budget can absorb an increase — the certainty of a fix is worth paying for when it cannot.