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Experts recommend tracker mortgages

Julie Gaskin of GMAC-RFC, which is one of the UKís largest lenders, is recommending that borrowers consider a Tracker Mortgage. She believes borrowers can protest their monthly outgoing during periods of interest rate uncertainty.

With a tracker mortgage the rate is set 1% above the base rate for a set period of time. If the base rate is 4.4% you pay 5.5% until the base rate changes.

It tracks along with the base rate. If the base rate goes up the lender cannot change the agreed rate but you benefit if the rate goes down. It can be expensive as the rate is always above the base rate.

Tracker mortgages are easier to manage for people struggling with changing interest rates.

Drew Wotherspoon of John Charcol agreed with her. He said that borrowers should opt for a tracker rather than a discount.

The Bank of Englandís monetary policy committee recently published minutes showing most lenders were reluctant to make cuts to the base rate.

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Value of Property  
£
(eg 135000) 
Value of Mortgage
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(eg 85000) 
Type of Mortgage