Fixed Rate or Tracker Mortgages?

Fixed Rate or Tracker Mortgages?

Fixed-rate or tracker mortgages: which is best as rates fall?

As mortgage rates fall from their recent highs, deciding whether to opt for a fixed-rate mortgage or a tracker can be conundrum.

Mortgage rates rose rapidly last year, said This is Money, “thanks to uncertain economic conditions in the UK and the fallout from the disastrous mini-budget in September”. But after hitting around 6%, interest on an average five-year fixed mortage is now “heading towards” 4%.
By contrast, the Bank of England’s base rate, which tracker mortgages usually follow, is tipped to keep increasing. With this rate currently at 3.5%, however, trackers are cheaper on average than the current fixed-rate products. And with higher mortgage rates “predicted to become standard”, said FTAdviser, “does this open the door for cheaper trackers to make a comeback among borrowers?” 

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