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Tracker mortgages offer rate cut benefits, expert states

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Tracker mortgages are the best way to benefit from cuts to the Bank of England base rate, according to one expert.

Writing for the Daily Mirror, Melanie Wright explains that anyone who opts for such a product will see their payments fall as soon as any future reduction in rates is announced.

Although some mortgage lenders have been increasing the margin on tracker mortgages, meaning they are more expensive for new customers, there are still some good deals on offer, she states.

People might also want to consider taking out an offset mortgage which allows them to use their savings to reduce the amount of interest they are charged on their loan, Ms Wright suggests.

With inflation reaching a 16-year high at 5.2 per cent, offset mortgages are a particularly good idea at the moment, she says.

Last week, BBC News reported that Lloyds TSB had increased the interest it charges new customers on a tracker rate mortgage .

According to the bank this was to ensure its mortgages are priced in line with those of its competitors.

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