Low base rates make a tracker mortgage well worth considering.
With low Bank of England base rates, a tracker mortgage could be one of the best options in the current market. Get a comparison from Deal Direct to make sure you are not paying more than you have to.
Against the background of a continuing low base rate, longer term loans such as lifetime trackers or 5 year fixed products are currently offering competitive rates. Lifetime trackers, that are directly linked to the Bank of England’s base rate may be the cheaper option, especially if rates remain low or are cut further.
As lifetime tracker mortgage deals can offer lower rates than 5 year fixed products they may offer better value in the long term. If you secure a low lifetime tracker rate you will benefit all the time the base rate is low. Some of the longer term trackers are currently offered at rates not much above shorter term products which makes them particularly competitive.
A number of Banks and building societies, including First Direct and Santander are continuing to increase rates on mortgage products for new customers. However there are still some good deals if you can find them. Lifetime trackers are offered by some lenders with rates as low as 2.8 % just 2.3% above the base rate.
