More borrowers taking tracker rate mortgages
An increasing number of borrowers are opting to take advantage of cheap tracker rate mortgages rather than the more traditional fixed rates.
Data from the Financial Conduct Authority’s latest Mortgage Lenders’ and Administrators’ survey shows 77.6% of borrowers took out a fixed rate loan in the first quarter. This is down from 82.2% in Q4 2014 and 81% in Q1 2014.
Aaron Strutt, product manager at Trinity Financial, says: “If you want to minimise your monthly repayments it often makes sense to take a tracker or discounted rate.
“Even though the vast majority of borrowers are still taking a fix, with many locking into longer term fixes, it is worth remembering there is sometimes a premium to pay for the additional payment security."
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