Libor mortgage ,like the majority of mortgages on the market track a rate.
Unlike the majority of mortgages that track the Bank of England base rate, Libor mortgage track the london Inter Bank Rate.
These lenders, mainly sub-prime and self-cert lenders track LIBOR (the London Inter-Bank Offered Rate), the rate at which banks lend money to each other in the money markets. Most LIBOR mortgages track three month LIBOR.
Most LIBOR mortgages have a three-monthly rate review they are variable rate deals but are not subject to change as often as those based on a lenderbs SVR or the Bank of England base rate.
