Huge rise in number of cheap five-year fixed-rate mortgages
People considering taking out a tracker mortgage should tread carefully, according to one expert.
In October, major lenders were offering two year tracker mortgages priced an average of 0.76 per cent above the base rate, this figure now stands at 2.36 per cent.
Although this means tracker mortgages are cheap now, a future change could leave people out of pocket, Ms Cuming warned.
If the Bank of England's historically low rate triggers a savings or currency crisis and it is forced to increase rates, then today's new tracker customers will be left sorely exposed, she said.
On Friday, Abbey launched a new three year tracker mortgage with an interest rate of 3.99 per cent.
Scotland - a dedicated service from mortgagecase.com.
Switching to a different mortgage may sound daunting but could save you money.
Release up to 100% of the surveyed value of your home.
Receive mortgage news, information & notification of interest rate decisions.
None of the information on this website is intended to promote any specific mortgage product or provide mortgage advice.
mortgagecase.com is a non-regulated trading name of .
mortgagecase.com (c) 2011 .
The sphere, with icon, its reflection and mortgagecase.com are trademarks of .