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Comparing the best tracker mortgage deals

An alternative to fixed rate mortgages, tracker mortgages have variable rates that usually follow the base rate of the Bank of England. Although they are usually set a little higher than this rate, they are still lower than standard loans with variable rates. The greatest benefit of a tracker mortgage is that your monthly repayments will be lower if the interest rates are low. Of course, when the rate is higher, your monthly repayment will increase accordingly.

When deciding to go for a tracker mortgage, you should first compare the deals that are available on the market. One place where you can do this is mortgages.co.uk, a website that allows you to compare mortgages from a variety of providers. Here you will also find a mortgage calculator that will help you find the best option for your personal circumstances. Some of the tracker mortgages compared on mortgages.co.uk are Santander Direct Tracker, with an initial rate of 1.95%, Skipton BS Purchase Tracker, with an initial rate of 1.98 % and Chelsea BS 70% LTV, with a rate of 1.99 %.

Another option you have for finding tracker mortgage deals is to go directly on the websites of some of the major UK banks and have a look at their offers. For instance, Lloyds TSB (lloydstsb.com/mortgages/trackers) offers two types of such mortgages, the 18-Month Tracker Mortgage and the 2-Year Tracker Mortgage. The online calculator available online will help you find out how much you can borrow.

If you visit the website of NatWest (natwest.com) you will be able to find out more information about the 2-year tracker mortgage they offer. The initial rate for this mortgage is 2.19% and you can take benefit of the option to switch to a fixed rate mortgage in the first three months after completion. The minimum loan amount is £25,000 and the minimum deposit is 50%.

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