The Times - As base rates rise, should you ditch your tracker mortgage?
Three rises in the Bank of England base rate, from 0.1 per cent last December to 0.75 per cent now have added hundreds of pounds to the cost of tracker mortgages.
The Times reports some 800,000 people have tracker loans, which have interest rates tied to the base rate, and until now they have been reaping the rewards.
“It’s probably the least attractive time to take out a tracker rate for quite some time,” said Aaron Strutt from the mortgage broker Trinity Financial. “There are some cheap deals but they’re not going to be cheap for that much longer. Especially when there are deals below 2 per cent for five-year fixed-rates available. Those seem more sensible.”
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