A lifetime tracker mortgage offers an increasingly attractive option.
Lifetime tracker mortgage deals are looking more attractive with news that the base rate could remain at it's historic low until 2016, and the IMF suggestion that the BoE should cut the base rate further to 0.25% or 0%.
Home-owners who are concerned about rising mortgage costs should consider sourcing a competitive rate through Deal Direct and remortgaging soon. Those willing to take a risk could consider a lifetime tracker mortgage which at this point in time offers good long term option.
Those looking to remortgage are advised to consider opting for a longer deal as this would reduce the risk of having to remortgage just as interest rates start to climb.
Currently lifetime tracker mortgages and 5 year fixes offer good rates. Lifetime trackers tend to have a lower headline rate therefore this could make them better value than a 5 year fix if base rate stays low. Lifetime trackers are also not priced very differently from a short term tracker and so are well worth considering.
In fact, homeowners can currently obtain a cheaper rate on a lifetime tracker deal than a comparable 2 year tracker deal.
For example a best buy 2 year tracker is available from the Post Office at 3.09% for 75% LTV with a £995 fee, and home-owners with a current account from the Co-operative can get a cheaper lifetime tracker mortgage deal at a rate of 2.79% with no fee.
Contact Deal Direct for the most competitive tracker mortgage rates on offer.
