Most of our attention has been centred on fixed rates over recent years,
as economic uncertainty grew and borrowers looked for some peace of mind.
With the Bank of England cutting the base rate to an all-time low of
0.25%, and questions being raised over the possibility of a further cut, there
is now likely to be more interest in tracker mortgages.
These are variable mortgages that move up or down in line with another rate
(usually the Bank of England Base Rate) and as such the monthly repayments are
also variable.
The potential for another drop in monthly payments will appeal to many.
Borrowers should check with their lenders however. In recent years some have
applied a collar to their deals, which would prevent monthly payments from going
down any further, even if base rate was to be cut again.
The variable nature of tracker mortgages mean that they will not be
suitable for everyone, and many borrowers will still prefer the security of a
fixed rate, especially as they are so low at the moment.
Newcastle Office
119-121 St George's Terrace
Jesmond
Newcastle upon Tyne
NE2 2DN
0191 240 3333
js@sarahmains.com
Low Fell Office
4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU
0191 487 8855
lfs@sarahmains.com
Whickham Office
8-10 The Square
Whickham
Newcastle upon Tyne
NE16 4JB
0191 488 9999
ws@sarahmains.com
About Us
Sarah Mains Residential Estate Agent | Branches throughout Newcastle and Gateshead.
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Sarah Mains Residential Ltd. Registered in England & Wales. Company No: 04324202. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Whickham) Ltd. Registered in England & Wales. Company No: 05774118. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .
Sarah Mains Residential (Newcastle) Ltd. Registered in England & Wales. Company No: 04919065. Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .