Tracker Home Loan Mortgage

A Tracker Home Loan means your rate can go up as well as down, depending on changes to the rate the loan tracks. There will also be what’s called a margin added to this rate to give you the overall rate payable.

Danske Bank Tracker Home Loans track the Danske Bank Reference Rate. This is our own rate which we set ourselves, but it usually changes in line with Bank of England Base Rate.

Our Trackers are what’s called lifetime trackers. The margin will not change for the full term of the loan. However, your repayments can still go up or down depending on changes to Danske Bank Reference Rate.

No, our Trackers don’t have any Early Repayment Charges. If you are paying your loan off in full other charges will apply to get your deeds back and for us to vacate our mortgage charge over your property. You can see these fees in our Tariff of Mortgage Charges.

No Early Repayment Charges - we don’t charge you when you:

• Repay the loan in full
• Make lump sum overpayments or regular smaller overpayments.

More flexibility – compared to a Fixed rate home loan a Tracker means you can repay your loan or change to a different product deal without having to pay an early repayment charge.

Your repayments can go down – you get to the benefit of falling interest rates when Danske Bank Reference rate goes down.

Your payments can go up when interest rates go up – the amount you pay in interest could rise when interest rates increase.

Your repayments can change at any time – although we normally only change Danske Bank Reference Rate when Bank of England Base Rate moves, we may also decide to change the rate ourselves. Bank of England normally meet to review rates 8 times per year so this can mean some uncertainty on when and by how much your repayments could change.

Check out the ‘repayment calculator’ to see our rates, and get an idea of monthly payments.