The Bank of England (BoE) is the UK's central bank and their job is to ensure a stable and strong economy. They set their own base rate which in turn influences the rate lenders are able to offer for products like mortgages.

Changes in the BoE base rate are one of the main reasons we change our National Westminster Bank Plc base rate, but it is not the only reason. We have full control over our own base rate which could go up or down regardless of what happens to the BoE base rate.

Track and Switch is for customers who want to take advantage of a tracker rate now but may want to fix their mortgage rate later or customers that are uncertain about fixing their rate now. You must be comfortable with a variable rate and a monthly mortgage payment which can change monthly.

One type of mortgage isn’t necessarily better than the other. It’s important to know what to expect with both fixed rate and tracker mortgages before deciding.

A fixed rate mortgage could be suitable if you want budgeting certainty and protection against rate rises. But a tracker mortgage may work if you want a lower initial rate and can afford the risk of payments going up.

A tracker rate variable mortgage is another name for a tracker mortgage. Which is where the interest rate rises and falls with a base interest rate.

Whether you get a tracker mortgage depends on your financial needs and personal circumstances. A tracker mortgage can be good if you want more flexibility, expect interest rates to fall, or prefer lower starting rates. But there’s always the risk of higher monthly payments if the base rate rises.

Whether you switch from a tracker to a fixed mortgage depends on your budget and the amount of risk you’re comfortable with. A fixed rate mortgage could be ideal if you want payment certainty, or you expect interest rates to rise. But you could stick with a tracker rate mortgage if you want to benefit from potential rate drops.

You could change your tracker to a fixed rate mortgage by:

• switching to a different product with your current lender
• remortgaging to a lender when your current deal allows.

Some lenders let you switch without an early charge. Check your specific terms, compare current fixed rates, and look out for product fees.

Yes, you can pay off your tracker mortgage early. However, it’s worth checking if there’s an Early Repayment Charge.