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Tracker mortgages to come into their own

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Tracker mortgages are expected to become a viable option for many homeowners, according to one expert.

Ray Boulger, senior technical director and spokesperson for John Charcol, said that the firm had been recommending tracker mortgages for quite a while.

Trackers are really coming into their own because homeowners are guaranteed to see their rate move in line with the Bank of England's base rate, Mr Boulger stated.

Most of the time, a tracker nearly always gets you better value than a fixed-rate mortgage, providing the starting point is good, he explained.

Although present financial conditions may have prompted a number of mortgage investors to reduce the number of products they offer, availability of tracker mortgages is not a problem, Mr Boulger added.

However, earlier in the week Katie Tucker from John Charcol said that borrowing is likely to be more difficult and more expensive next year.

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