- Best 90% First Time Buyer
- Best 75% First Time Buyer
- Best 70% First Time Buyer
- Best 60% First Time Buyer
- Best 90% Remortgage Rate
- Best 75% Remortgage Rate
- Best 60% Remortgage Rate
- Best 75% Buy to let
- Best 70% Buy to Let
- Best 60% Buy to Let
- Mortgage Calculator
- Mortgage Rates
- Bad Credit
- Buy to Let
- Life Insurance
- Home Ins
- Utility Switch
- Credit Check
- About Us
- Terms and Conditions
- Contact us
- Site Map
- News 2013
- News 2012
- News 2011
- News 2010
- News 2009
- News 2008
- News 2007
- Insurance News
- Articles Archive
- ©Copyright 2019
Tracker rates fall to all time low
The average rate on a two year tracker mortgage has fallen to 3.40%, its lowest level since Moneyfacts started monitoring rates in 1988.
In the last month the following lenders have reduced rates on base rate tracker mortgages:
In sharp contrast, the average rate on a two year fixed rate mortgage has increased to 4.59% - its highest level in ten months.
Over the last year the shelf life of a fixed rate mortgage has nearly halved from 27 days to just 14 days.
Latest figures show that the demand for mortgages amongst visitors to Moneyfacts.co.uk has risen in the last 12 months from 16.23% to 27.58%.
Michelle Slade, spokesperson for Moneyfacts.co.uk, commented:
“Some borrowers have taken a wait and see approach over the last two years, preferring to remain on a lenders standard variable rate (SVR) rather than move to a more expensive mortgage deal.
“Talk of an imminent base rate rise has caused a surge in the demand for new mortgage deals.
“Lender’s appear to be trying to tempt borrowers off record low SVRs on to new tracker deals instead.
“Rates on tracker deals continue to be more competitive than fixed rate deals, but borrowers need to ensure they factor in the effect of any base rate rises on their monthly repayment when considering a new deal.
“The rise in swap rates appears to have plateaued, but the rise in fixed rates continues – albeit at a slower pace than a few months ago.
“Borrowers looking for a fixed rate mortgage need to act fast as deals are only in the market for an average of two weeks.”
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500