Should I get a tracker mortgage? 🏠 Brokers explain the cheapest deals following interest rate increase ⤵️
More people who are remortgaging or arranging a new home loan are picking up a tracker mortgage in the hopes of saving money, even afterTracker mortgages are becoming an increasingly popular option for borrowers in a high interest rate environment, as average fixed rate deals are still more expensive.
For a typical home loan of £200,000 on a 30-year term, that would make the average two-year fixed rate mortgage charge £1,105 per month, the average five-year fixed rate charge £1,067, and the average tracker charging £1,019. Many brokers have reported that their clients have opted for tracker mortgages when presented with all of their options.
“I’s impossible to second guess what may happen to rates and it’s important to have enough flex in the monthly budget to cope with further rises when opting for a tracker rate,” he advises. This disparity is because it appears that the Bank of England has reached, or nearly reached, the peak of interest rate rises, which it has brought in to curb the impact of inflation. Money markets are now pricing in a possible further 0.25 percentage point increase in the bank rate, up to 4.25, before they plateau or even fall later in the year.
“If you are waiting for 1 per cent fixes to come round again, you will be waiting a long time, perhaps forever.”
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