The tracker mortgage is a type of mortgage that is very popular in the UK. This mortgage is usually the one that offers the best interest rates in the market, which increases its popularity 100%. The best tracker mortgage deals tend to shadow the Bank of England's base rate. That is to say, if this rate increases, the tracker mortgage rate increases; if it decreases, so does the tracker mortage rate. However, the best tracker mortgage rate is higher than that of the Bank.
The best tracker mortgage rate is usually 0.11% higher than that of the Bank of England. One of the drawbacks of the best tracker mortgage is that it generally comes accompanied by a compulsory insurance in case you default in payment.