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Tracker mortgages to become more popular, expert claims

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Tracker mortgages will be more popular with borrowers following the Bank of England's decision to raise the base rate to five per cent, an expert has claimed.

Average prices for tracker mortgages are cheaper than fixed-rate deals, which could lead many borrowers to opt for the former, states financial advice service MoneyExpert .

Research conducted by the company found that the average rate for a tracker mortgage is 5.3 per cent, which compares with 5.5 per cent for fixed products.

Sean Gardner, chief executive of MoneyExpert, commented: Currently average rates for trackers are priced below fixed-rates and they should continue to prove popular despite the increase.

However, Mr Gardner noted that fixed-rate mortgages are still a good option for borrowers looking for certainty, as the Bank of England could raise the interest rate again in the future.

Nick Gardner, a spokesperson for Chase de Vere, recently urged homeowners to secure a long-term fixed-rate mortgage in order to protect themselves against further interest rate hikes.

Mr Gardner suggested that borrowers should find a mortgage with a minimum fixed period of two years.

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