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Ask an Expert My tracker mortgage finishes at the end of July, should I apply for a fixed rate or lifetime tracker?

My tracker mortgage finishes at the end of July, should I apply for a fixed rate or lifetime tracker?

Q: My tracker mortgage finishes at the end of July. Should we take a fixed higher rate mortgage over 2 or 3 years. Or a lifetime tracker at bank of England rate plus 1.99% at no early repayment fee and only £140 exit fee. No application fee. When rates go up

A:

We need to fully understand your financial circumstances before we can advise. Generally speaking you need to work out what you could afford if base rate returned to the long term average of 5%. Do you have surplus income to meet future base rate rises? Base rate will only go one way from here and that is up but no one knows when or by how much. Some mortgages have “drop lock “options which basically means that you can have a tracker rate and when you want you can switch to a fixed rate. Or you could mix and match your mortgage with half on a fixed rate and half on a tracker rate that way you get the best of both worlds. Best advice is to meet/speak with one of our fully qualified professionals so we can make a firm recommendation on factual information. Call us now 020 7519 4900.

These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration
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This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

Get This Rate

This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

Get This Rate

Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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