A type of variable rate mortgage.
Tracker mortgages follow another interest rate, usually the Bank of England's base rate, plus a little margin on top for the lender. So, if the base rate is reduced by 0.5%, your rate will go down by the same amount.
Typically two to five years in length, although they can be for the life of your mortgage or until you switch to another deal.
If the rate it tracks falls, so will your mortgage payments, but check for any lower limit.
Risk of increased mortgage payments if rates rise.
An Early Repayment Charge (ERC) may be required if you want to switch deals early.