Best tracker mortgage rates through Deal Direct.
Best tracker mortgage rates follow the Bank of England base rate for an agreed set period and a constant differential. Monthly mortgage payments increase when the BOE base rate rises and payments decrease when the base rate falls.
Those who want to benefit from the low BOE base rate currently sitting at 0.50 percent, may decide to choose best tracker mortgage rates.
However there is an element of risk with tracker products. They do not just fall in line with the base rate they increase too, this means monthly mortgage repayment costs can increase in line with any interest rate rise.
Risk adverse mortgage holders who prefer security, may be better suited to fixed rate products which remain at an agreed rate for the term of the deal.
Choosing between a tracker or a fixed deal can be difficult. Tracker mortgages tend offer the cheapest mortgage rates but come with risk as monthly mortgage payments may increase. Fixed-rate mortgages offer security as the monthly payment won't change until the end of the deal, but they may be slightly more expensive.
Lifetime trackers may be good for home-owners who have no plans to move and do not want to concern themselves with regularly mortgage product reviews. Others who are concerned about an interest rate increase may be better offer considering a fixed-rate option.
Whatever your circumstance Deal Direct can help you get the best tracker mortgage rates available in the UK today.
