subject: Is the Best Tracker Mortgage really your best option [print this page] Is the Best Tracker Mortgage really your best option
News about the Best Tracker Mortgage
Whatever the Bank of England base rate is set at, a tracker mortgage is usually set higher but set lower than the standard variable rates.
At this time the mortgage the rate of interest is low this is great news, like now, it's actually at an all time low, so you probably have the best tracker mortgage ever and as the interest rates fall then so will your tracker mortgage.
For those of you with best tracker mortgage now are really winning over anyone who has a long term fixed rate mortgage as these people will be still paying a much higher mortgage rate and may be struggling in today's economic climate.
As we all know, a tracker mortgage will follow the bank of England base rate and go down to the lowest they ahve ever been as they are right now, you have to be prepared for when they go up as they surely will eventually, you have to be prepared for when the mortgae rates rise again as know one knows exactly how much they will eventually rise to over the coming years.
With some lenders you may have the to choose to transfer your tracker mortgage to a fixed rate deal and avoid any fees for switching and this could be somethiong to think about if the rates move up.
You must remember that your monthly payments will go up with your tracker mortgage as the base rate increases so this can be a drawback with this particular type of mortgage and the gap between the rate being tracked and your rate can be changed by some lenders.
Check with you mortgage provider about what is know as a collar as it can ensure that your rate won't drop below a certain level.
8th October 2010
Barclays Woolwich has confirmed their housing market commitment by slashing the cost of their lifetime tracker mortgages by 0.41%.
Barclays Woolwich are lowering their costings of a variety of their deals, this is good news for the UK mortgage payers.
Since 2007 when the market took a turn Barclays Woolwich has advanced around 55bn, this is a staggering 42% with their overall lending compared to an average increase of 3.5% across the industry, something of an achievement.
Barclays Woolwich are firmly committed to the UK mortgage market and are actively lending more to buyers and homeowners than ever before and have adapted and evolved their range of mortgages to ensure they meet the borrower's needs and providing a longer term value.
Tracker mortgages are now cheaper than ever (UK)
At the beginning of this year, January 2010, the best tracker mortgages following the base rate of the Bank of England were at a record low as competition in the market picked up slightly.
However, the tracker mortgage market, according to moneysupermarket.com has been hit the worst with Money supermarket have indicated that the tracker mortgage has been hit the hardest with the availability of these trackers falling to more than 80% since July last year.
Searching for the best tracker mortgage could be the best thing you ever did, especially now as the rates are so low, although with this low base rate they will have to go up so you have to think, will your tracker mortgage still be the best thing you ever did in a couple of years from now, only time will tell.
There are other mortgages you could choose other than the tracker but the tracker is so tempting at the moment with the current low base rate.
There is the variable rate mortgage, the fixed rate so you know what your paying every month, the capped mortgage and don't forget about the Interest only mortgage, this can be a great idea if money is tight as you payments will drop considerably with one of these mortgages, although you won't be actually paying anything off.
Read more about Mortgages at our Mortgage Comparison Sites Website.
Brought to you by Colin Castle of the Best Tracker Mortgage Website
