SHOULD YOU OPT FOR A TRACKER MORTGAGE? NARROWING RATES MAKE FIXED RATES MORE EXPENSIVE – YOUR MORTGAGE
It is no longer a “no brainer” to go for a fixed rate mortgage with the price gap between variable and fixed deals becoming “more marked” than has been the case in years.
Data from Moneyfacts has shown that the average rate available on a two-year fixed rate deal has now passed 4%, the first time this has happened in almost a decade. This comes off the back of the largest month-on-month increase since 2007.
Some mortgage advisers have argued that the case for variable deals has become more compelling in recent months as a result of these rate increases, though other intermediaries caution that the difficult economic situation means clients could be cut “adrift” on unaffordable variable deals should the base rate continue to be increased on a regular basis.
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