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UPDATE: AUGUST 2024
Bank of England drop Interest Rates to 5%. First decrease since March 2020.
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As an independent mortgage broker our role is to find the right mortgage for your circumstances. In this current market, with future rate reductions on the horizon, it may just be the right time to get a tacker mortgage. It all depends on your goals and we will help you achieve those.
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If the market rates drop, you can change!
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Are you:
- Unsure whether it is the right time to get a mortgage?
- Considering moving home within the next couple of years?
- Wanting to see if the mortgage rates improve in the coming months?
- Wanting to remain flexible with no penalties for changing your mortgage needs?
Then a Tracker Rate Mortgage could be for you.
It is complicated knowing the right time to get a mortgage and when you do, what time of mortgage you should get. Giving you the right advice and getting you the best mortgage for your needs is our fundamental goal and our team will leave no stone unturned when assessing your options. In this current market it is extremely hard to predict what will happen, but a tracker mortgage doesn’t commit you, meaning you can benefit from rate reductions and remain flexible in your property decisions. Within this page, we will discuss the benefits of a tracker mortgage, as well as explain other types of mortgage products.
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Our panel of lenders include High Street Banks, to Building Societies and Specialist Lenders that our customers either don’t have access to or even know about. Our team work closely with the market everyday, and will search high and low for what you need.
Request a call back3 Reasons To Select a Tracker Rate Mortgage
1. A tracker mortgage can provide far more flexibility
If you select a tracker rate mortgage, you are not locked into any fixed rate. This allows for flexibility in your decision making when it comes to your home, moving house or deciding on what you or your family want to do. Tracker mortgages can be used as shorter term solutions when you are undecided about your property future. If you wanted to move within two years, you would not be locked into any rate and can be in total control of what you want to do.
2. You can get a tracker mortgage with no early repayment charges
Fixed rates come with Early Repayment Charges that penalise you for breaking the contractual terms of the agreement. Whether 1q 2, 3 or 5 year fixed mortgage rate say, there may well be penalties for wanting to make changes to your mortgage.
A mortgage broker can ensure that you go onto a tracker mortgage with no ERC’s attached to it, and therefore, if you think fixed rates will drop and the market is pointing that way, then you are free to move with the market and not be locked into any rate for a period of time.
3. Tracker mortgage monthly payments decrease with reduced rates
Of course a warning here is that if rates go up, then so do your payments. However, in the current market, if you believe that rates are to start decreasing, then now is a good time to move onto a tracker mortgage rate as you will gain from every drop there is in bank interest rates and mortgage rates. We have seen mortgage rates at their highest for quite some time and there are in turn, a larger number of tracker mortgages as borrowers look to benefit from any interest rate drops.
Tracker rate mortgages could mean slightly higher payments month on month if you are looking to benefit from one of the above, however, in reality, it all depends on your individual circumstances. Every situation is different. Tracker rates may well be traditionally higher than fixed mortgage rates, but that is because they enable far more protection over future planning and freedom in decision making.
I've never worked with a broker who puts as much care into their customer service and thereby ensuring we got absolutely the best deal that we could and at the very best rate
Why Use A Mortgage Broker when assessing a Tracker Mortgage?
There are a number of reasons why mortgage broker’s are beneficial to customers. Such as independent advice, search the market for the best rates, understand your needs and focus on your requirements not the mortgage lenders. However, specifically to deciding on a tracker mortgage or another, a mortgage broker can really help you.
- Of course, find the best rate across the lenders in the market
- Analyse and discuss the different mortgage options
- Understand the terms and conditions of the tracker mortgage
- Ensuring you find a mortgage lender with no early repayment charges
A mortgage broker cannot predict the market, or what is going to happen with interest rates. However, it is very important you understand the benefits and differences between the types of products to ensure you have a full understanding of what is right for you. Below is a little insight into the different options.
Mortgage types to consider: Fixed Rate vs Tracker
There are many options to consider when getting a mortgage. With so many types of mortgage available, finding the right one to suit your needs is important. The options might make your head spin but by breaking these options down, you’ll find there may be options you didn’t know would fit your situation better than others.
The obvious downside being that you are stuck with whatever rate you manage to get, so if the interest rates fall, you won’t be able to take advantage.
Somewhat of a double-edged sword. The interest rates of these mortgages change to reflect the rates of your lender, which will usually follow those set by the Bank of England but can differ. The main downside is that your repayments are likely to change from month to month, going up or down depending on what the market dictates. The difference in your payment won’t be extreme but may be enough to make budgeting difficult.
A good thing about variable rate mortgages is that you have no fixed term and can ride out a period of time while you decide to move on to another fixed term mortgage with a more favourable interest rate.
If you have managed to gain a substantial amount of savings, these mortgages are great for helping to lower your monthly payments. An offset mortgage connects your savings account to your mortgage and the more money you have saved, the better an interest rate you are likely to be able to get.
Similar to a variable rate mortgage. The main difference is that they will follow the interest rate set by the Bank of England, not those set by your lender. Again, this may not be advisable during periods of volatility in the market but could be a viable short term option should the need arise.
When choosing the type of mortgage to go for, it’s best to speak to one of our advisors as we are experts and after a short discussion will be able to show you which mortgage type will best suit you.
Access Best Tracker Rate Mortgages through The Mortgage Broker
Finding the right mortgage is an essential part of your property making decisions and if your priority is to remain flexible and keep in control of your financial decision making, then Tracker Mortgages maybe the right option for you. Whether a first time buyer, a homeowner or a landlord, it is very important you find the right mortgage product. When this time comes, getting the best deal possible is a must. With varying interest rates and many thousands of options open to you, this is both an exciting and daunting time. That’s where The Mortgage Broker comes in. Let us do the hard work for you. W
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There are many reasons why you may select a tracker and our mortgage specialists can support you across all areas within minutes. Whether you want to buy some time, await a better rate or just avoid paying more on a standard mortgage early repayment charge, our team are on hand to assist you find the right terms.
Three steps to getting the best tracker mortgage rate
Our straight forward approach to ensure you get the right mortgage.
Speak to one of our remortgage advisors.
Click on our contact form or call us on: 0800 0320 316.
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