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Tracker mortgages uncertain but can offer savings, expert says

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Tracker mortgages are probably the best deal available for customers at the moment, but only if affordability is not an issue, it has been claimed.

Louise Cuming, head of mortgages at moneysupermarket.com explained that as tracker mortgages follow the Bank of England base rate, people on a tracker deal will see their payments fall if rates are cut in future.

However, she also warned that people should make sure they would be able to afford their mortgage payments should interest rates increase unexpectedly.

Ms Cuming said: At the moment, if [affordability] isn't an issue with you, I would say a tracker rate is probably your best bet because I think the trend for rates is going to be down in the next 12 months.

Figures released by the Council of Mortgage Lenders show that in December of last year 29,600 tracker loans were taken out � making up 24 per cent of all home loans .

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