MORTGAGE EXPERTS EXPLAIN IF YOU SHOULD GET A FIXED OR TRACKER DEAL – WHICH IS CHEAPEST – MIRROR

Homeloan prices have been rising this year, leading many housebuyers to ask if a fixed rate or tracker mortgage works out cheaper for them – so we asked the experts.

With mortgage rates much higher than a year ago, many house buyers are asking whether a fixed-rate or tracker mortgage works out cheapest.

Mortgage prices have been rising after a steady stream of increases to Bank of England base rate.

The base rate is now 3% compared to just 0.1% a year ago.

Home loans are also going up in price due to another increase – in swap rates, which have risen this year and partly dictate the cost of fixed-rate mortgages.

The interest rate on an average five-year fixed-rate mortgage is now around 5.95%, with the typical two-year deals costing 6.14%.

A year ago these rates would have been in the region of 2-3%.

Increasing mortgage costs are leading house buyers to spend more time considering the best option for them.

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