Just in case anyone else is wondering about this, a mortgage broker informed me the "Banks Base Linked rate" is a variable rate mortgage.
Just in case anyone else is wondering about this, a mortgage broker informed me the "Banks Base Linked rate" is a variable rate mortgage.
A "Banks base rate" is a calculated figure related to what it costs the bank to borrow money. The bank cannot simply to increase this as they wish.
A banks base rate mortgage is a tracker, although what it tracks is the banks base rate and not the ECB rate.
The difference could be very important, if the bank decided to increase its lending margin. They can do so at will in a variable rate but not in a base rate mortgage.
Obviously there may be more devil in the details of the contract.
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