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The Tracker mortgage normally follows movements in the base rate set by the Bank of England. The interest rate is set at a constant level above or below the base rate, rising and falling in line with any changes during the tracking period. This means that if the base rate falls, the amount you pay on your mortgage falls. Likewise, if the base rate goes up, so will your mortgage payments. Tracker mortgages tend to be for a fixed period, say five years, after which you usually transfer to a new tracker mortgage rate, or to a different type of rate altogether.
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