If you have a tracker mortgage have you reviewed it recently?
In a recent survey of people with a tracker mortgage, less than half have reviewed their rates in the past three years. Only 49 per cent of people who responded to the survey advised they had reviewed their product recently.
Whilst everyone is not in a position to change, it is important to review your product and compare it with other deals that are available. Give us a call at Deal Direct, we can compare your current mortgage with the best deals in the market to save you money.
The survey figures collected show mortgage rates are at a current overall average of 4.63 per cent with tracker mortgage rates at 3.16 per cent on average. With daily news of changing rates, an important question to ask is whether to track or fix.
In the last few years a tracker mortgage has generally performed better than a fixed rate deal. The low base rate set by the Bank of England has made trackers very attractive but if you have a limited income, future rate rises still need to be considered.
When many lenders are increasing their standard variable rates, we are seeing more competitive tracker rates in the market. For example Norwich & Peterborough Building Society recently announced a two year tracker mortgage at 1.99 per cent above the base rate.
If you are thinking of renegotiating your mortgage or would just like to know what is currently on offer, call us at Deal Direct and we can find the best deals in the market to suit your circumstances.
