Are the best mortgage rate deals yet to come?
The best mortgage rate deals can often come in the form of a tracker mortgage.
Fixed rate mortgages are generally much more costly than tracker deals, as the rate is set for a certain period. A tracker mortgage follows the Bank of England base rate.
As the base rate is historically low at present and predicted to stay that way until late into 2016, a tracker mortgage could make financial sense.
One of the cheapest tracker deals on offer is from the HSBC. It's lifetime tracker offers a rate of 2.99% for loan to value of 70%. This product comes with a fee of £599.
For further information on this type of mortgage deal contact Deal Direct. We are whole of the mortgage market brokers with access to the best mortgage rates that lenders have on offer.
Deal Direct can help guide you through the complex mortgage market to find a deal that is best suited to your needs and circumstances.
Recently the International Monetary Fund proposed the possibility of the base rate being reduced to help the UK economy. Even if the rate is not reduced many believe it will not rise for two to four years. This could help the mortgage market at a time of considerable fragility.
Many on low rate trackers would continue to enjoy low repayments and if the base rate was to reduce they could benefit further. This is as long as their lender does not follow their own set base rate or has a clause to restrict the trackers rate dropping too low.
For the best mortgage rate on offer contact Deal Direct.
