3 Jul

Tracker mortgages becoming more popular, claims moneysupermarket.com

Tracker mortgages becoming more popular, claims moneysupermarket.com

Tracker mortgages are becoming increasingly attractive to homeowners because of the increase in interest rates on their fixed counterparts, it has been suggested.

Figures from moneysupermarket.com reveal that a borrower with a £300,000 mortgage could pay up to £100 more every month if they are on a fixed rate.

However, the price comparison website warns that experts predict base rates to increase this year.

Even a one percentage point rise would see the mortgage situation reversed, moneysupermarket.com continues.

Louise Cuming, head of mortgages at the website, said: "Anyone thinking about fixing must act quickly. Lenders are increasing rates on an almost daily basis and there is a strong feeling that we have now passed the bottom of the mortgage market."

In related news, Mortgageforce believes that many homeowners are confused about which is the best type of mortgage for them.

As a result, the previously preferred option of a fixed-rate deal is no longer as popular.
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