Sometimes a fixed-rate mortgage just might not be suitable for you. There may be
periods where you are undergoing financial difficulties and are unable to pay the
mortgage; or alternatively there may be months where you can re-pay more than the
usual monthly amount. In a fixed-rate mortgage you normally would be penalised for these
repayment amendments; but with a flexible mortgage you have a greater deal of
flexibility. Flexible mortgages are ideal if you have varying income, or are
in a state of financial flux.
If you want your mortgage repayments to adapt to current market conditions, then it could be that you may find a tracker mortgage deal the right product for you.
A tracker mortgage is the mortgage scheme whereby the monthly repayments that are due vary according to the Bank of England's base interest rate.
Tracker mortgages are not ideal for most people on a tight-budget.
As trackers automatically adjust to the base rate you potentially run the risk of paying more than you can afford each month, should the base interest rate suddenly rise.
The biggest advantage of a tracker mortgage is that your monthly payments will decrease as the base interest rate decreases. If you don't need to budget, knowing how much your repayments will be; you might be able to save money on your repayments.
Tracker mortgages are suitable for those who want to make savings on their mortgage repayments whilst interest rates are low, but will be happy to pay more each month if the interest rate rises.
We understand how time consuming it can be to find a tracker mortgage and therefore remove this burden from you, searching the mortgage marketplace on your behalf.
Mortgage products available:
Fixed rate mortgages - With this type of mortgage the repayment rate stays constant per month
Flexible mortgages - This type of mortgage allows you take flexible 'breaks'
Buy-to-let Mortgages - This mortgage applies if you have just purchased a house with the intention of renting to tenants
Remortgages - Want to change your mortgage repayment plan or provider? Read our section on remortgages first!
Tracker mortgages - These mortgages follow the Bank of England base rate; you could possible save money by employing a tracker mortgage
First Time Buyer mortgages - These mortgages are appropriate if you are buying a house for the first time
Mortgage products are available in:
Regions:
Counties:
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