When the Bank of England (BofE) interest rate is low, it generally means two things – that savings accounts don’t necessarily offer great rates and that mortgage rates are very attractive to people buying a property or switching to a new mortgage provider. That’s because there is generally a link between the BofE rate and the other two.

This is especially true when it comes to a tracker mortgage linked to the BofE rate. In simple terms, this type or mortgage will offer an interest rate that is fixed at a certain percentage above or below the BofE rate – when the BofE rate moves up or down, say by 0.25%, then the mortgage rate tracker will do the same.

For the person taking out the mortgage, this means that your mortgage payments are likely to go down when the BofE rate falls. It does mean, however, that you will be paying more if that rate goes up. So if you are happy to accept this risk, how do you find the tracker mortgage for you?

At Direct Line, we offer two discount tracker mortgages, both of which are linked to the BofE interest rate - a two-year discount tracker and an online-only two-year discount tracker.

You can find out more about how to apply for both of these mortgages online as well as using our mortgage calculator to work out what your likely repayments would be both for the discounted periods and the time after that.