They can be. One of the main advantages of a tracker mortgage is that borrowers benefit automatically from reductions in the rate being tracked, which may reduce monthly repayments.

At the end of the tracker period, your mortgage will usually move onto the lender’s Standard Variable Rate (SVR) unless you choose to remortgage to a new product.

Some do and some do not. Many tracker mortgages have lower early repayment charges than fixed-rate deals, but borrowers should always check the mortgage terms before proceeding.

Yes, although they are less common than fixed-term tracker products. Some lenders continue to offer lifetime tracker mortgages that follow an agreed rate for the entire mortgage term.

A tracker mortgage is a type of variable rate mortgage. The key difference is that a tracker mortgage follows a specific benchmark rate, whereas other variable-rate mortgages may be adjusted at the lender’s discretion.

Yes. If interest rates rise, your mortgage payments are likely to increase. It is important to ensure your budget can accommodate potential rate rises.

Yes. If the underlying rate being tracked falls, your mortgage rate will usually fall by the same amount, resulting in lower monthly repayments.

Neither is automatically better. Fixed-rate mortgages offer payment certainty, while tracker mortgages allow you to benefit if interest rates fall. The best option depends on your personal circumstances and attitude to risk.