thisismoney.co.uk - Time to take a tracker mortgage? They're the cheapest on the market... but maybe not for long

Tracker mortgage rates are now the cheapest on the market, after banks hiked all their fixed deals above 4 per cent because of the conflict in the Middle East. This the first time that the cheapest tracker mortgage rates have gone below the cheapest fixed rates since October 2023, according to rates scrutineer Moneyfacts.

Aaron Strutt of broker Trinity Financial thinks more people will be tempted by a tracker.

'Bank of England tracker rates have always had a place in the market, but the overwhelming majority of borrowers have consistently taken two or five-year fixes,' Mr Strutt told thisismoney.co.uk. 

'Now that they are undercutting the cheapest fixes they will get more attention as many look to minimise their monthly repayments.

'More borrowers will be tempted to take trackers as they wait and see what happens to fixes when the situation in the Middle East calms down.'

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