MORTGAGE TRACKER RATES BECOMING MORE POPULAR

July 5, 2018 by in category Mortgage News with 0 and 0

According to the latest data by Experian, there has been a sharp increase in the number of consumers looking at tracker rate mortgages..

Experian’s credit search barometer shows almost half (46.8 per cent) of mortgage searches in MAY were for details of tracker rates and deals, according to their credit search barometer. This is significant increase on the 32.6 per cent of searches in April.

Correspondingly, the proportion of potential mortgage customers looking for details of fixed-rate products fell, from 31.7 per cent to 24.1 per cent. At the same time there was also a decline in the proportion of searches for other types of variable rate mortgage.

Whilst they say that a fixed rate is the likely route that the customers will take, either to remortgage or to buy a property, it adds that this data indicates that potential homebuyers have been encouraged to consider a tracker for their mortgage following the decision of the Bank of England in May to hold interest rates again at 0.5 per cent.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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