Huge rise in number of cheap five-year fixed-rate mortgages
Tracker mortgages are currently a better deal than a fixed-rate product, according to one expert.
Drew Wotherspoon, spokesperson for Charcol.co.uk, explained that tracker rate mortgages are currently priced around 0.3 per cent below fixed-rate deals, so people will see an immediate impact.
However, there will come a time when fixed rate mortgages become a better option.
If people do need a fixed rate mortgage, then they should hold on for as long as they can, Mr Wotherspoon added.
Meanwhile, research by Nationwide Building Society shows that 56 per cent of people state they are more likely to shop around for a new mortgage when their current deal ends that they would have been a year ago.
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