Best Tracker Mortgage NEWS! [mortgagegoalrates.blogspot.com]
Find the secret to getting a great mortgage rate. It's not what you think!
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News about the Best Tracker Mortgage
Whatever the Bank of England base rate is set at, a tracker mortgage is usually set higher but set lower than the standard variable rates.
When the interest rate is at a low this is good news, like now, it’s actually at an all time low, so you probably have the best tracker mortgage ever and as the interest rates go down then so will your tracker mortgage.
The people with best tracker mortgage now are in a real win situation over all those people with a long term fixed rate mortgage as these people will be still paying a much higher mortgage rate and may be struggling in today’s economic climate.
As we all know, a tracker mortgage will follow the bank of England base rate and go down to an all time low as they are at the moment, you have to be ready for when the mortgages start to rise again as they surely will in time, imagine how much more you will be paying if the base rate goes up to 5 or 6 percent or even higher.
Mortage companies can sometimes let you change to a fixed rate mortgage rather than stick to your tracker mortgage and not even give any payment penalties as some mortgage companies will require a fee for this service and this could be a gamble that could pay off when the rates rise again, and they will.
Bear in mind that your monthly payments will go up with your tracker mortgage as the base rate rises so this can be a drawback with these types of deals and the margin between your rate and the rate being tracked can be changed by some lenders.
Check with you mortgage provider about what is know as a collar as it can ensure that your rate won’t drop below a certain level.
8th October 2010
Barclays Woolwich are reducing their costings of a variety of their deals, this is good news for the UK mortgage payers.
Since 2007 when the market took a turn Barclays Woolwich has advanced around ?55bn, this is a staggering 42% with their overall lending compared to an average increase of 3.5% across the industry, something of an achievement.
Barclays Woolwich are firmly committed to the UK mortgage market and are actively lending more to buyers and homeowners than ever before and have adapted and evolved their range of mortgages to ensure they meet the borrower’s needs and provide long term value.
Tracker mortgages are now cheaper than ever (UK)
In January of this year, 2010, the best tracker mortgages following the Bank of England Base rate were at a record low as competition in the market picked up a little.
Money supermarket have indicated that the tracker mortgage has been hit the hardest with the availability of trackers falling to more than 80% since July last year.
Getting the best tracker mortgage now could be considered a very wise choice, especially now with the low cost of a mortgage, although with this low base rate the only way is up so will your tracker mortgage still be the best thing you ever did in a couple of years from now, only time will tell.
If you are looking for the Best Tracker Mortgage there are lots of websites with this information, just do a search for the best tracker mortgage.
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