The Times - Could a tracker deal save you from mortgage mayhem?

Tracker mortgages have surged in popularity amid the rise in fixed rates triggered by rising oil prices thanks to the conflict in the Middle East.

10 per cent of mortgage applications this month were for trackers through some mortgage brokers, the highest proportion since October 2023 and up from about 6 per cent in February, when the US and Israel first launched strikes against Iran.

Aaron Strutt from the mortgage broker Trinity Financial said: “Tracker rates are suddenly much more popular than they have been for years simply because fixed rates are so much more expensive. Fixed rates had consistently undercut the trackers but since the war in Iran kicked off, they have risen, giving borrowers the option of locking into a much higher fixed deal or taking the gamble of a tracker.”

Mr Strutt adds: “Choose a fixed rate if you need budget certainty or believe that the Bank of England may be forced to put up rates significantly. But take a tracker if you want lower initial monthly payments and have the financial buffer to handle potential rate increases, or if you value the flexibility to switch to a fix when you like without heavy early repayment charges.”

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The information contained within was correct at the time of publication but is subject to change.

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