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Trackers climb as fixed-rate mortgages fall

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Over the past two weeks several leading mortgage lenders in the UK have pulled their fixed-rate mortgage deals off the market, and some have already replaced them with new loans at higher interest rates .

The trend is set to spread throughout lenders, amidst widespread fear of an increase in interest rates . New research from Woolwich, the lending arm of Barclays Bank, reveals that tracker mortgages are set to become the best deals on the UK market .

Fixed-rate mortgages are generally dependent on the level of swap rates (which predict Bank of England changes to the base rate), which has been climbing steadily over the last two weeks. This makes fixed-rate mortgage products more expensive for lenders, and uncompetitive at their current low rates. If you are hungry for a cheap fixed-rate mortgage, experts say, act fast.

The change brings an end to a glorious period for fixed-rate mortgages, in which they have led the mortgage market. Early speculation this year predicted further cuts in the base rate to as low as 4.25 per cent, but these have not eventuated. Base rates are decided by the MPC (Monetary Policy Committee.) Customers looking for tracker mortgages, which are usually allied to the base rate, could take out loans soon to make the most of low interest rates.

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