Compare tracker mortgages
Few things in life are certain. The interest rate of a standard mortgage can move in either direction as interest rates change, which they have a habit of doing when it's most inconvenient. However, if you are comfortable with changing mortgage interest rates, or confident that you can ride them to your advantage, a tracker mortgage is for you. However, if you've borrowed the maximum amount you can and are only just going to be able to afford the payment each month, the security of a fixed rate mortgage deal might well be more appropriate to your financial circumstances.
What is a rate tracker mortgage?
When the Bank of England changes interest rates, the interest rate of a standard mortgage may change, but not necessarily immediately, sometimes not at all. However, tracker mortgages in the UK guarantee to move as and when the Bank of England base rate changes with an agreed margin of, for instance, one per cent. A tracker mortgage does not offer the security of a long term fixed rate, but offers people with confidence in the economy a different sort of security, the security that they'll never be paying more than a fixed percentage above the Bank of England base interest rate.
How do I know if a tracker mortgage is right for me?
If your biggest worry is whether or not you'll be able to meet your mortgage payments at all over the next few years, even cheap tracker mortgages are probably not for you. If you're confident there's enough money coming in to give you the luxury of choice and you want a financial product to give you better long term value, you should consider a UK tracker mortgage. Compare mortgages now and see where rate tracker mortgages measure up.
Okay, a rate tracker mortgage is for me. Which is the best tracker mortgage?
LowerMyBills gives you the chance to spot the cheapest tracker mortgage currently on the market. However, do seek further financial advice, particularly in respect of the timing in reference to a tracker mortgage. A tracker mortgage is great to have when interest rates are on the way down, not so great when interest rates are climbing, but if you can look at your mortgage over its whole period - 25 years perhaps - and not worry about those times when interest rates might be going up, compare tracker mortgages now!
Experian® - the company behind LowerMyBills – also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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