17/03/2023
FIXED OR TRACKER RATE?... ๐ค
Whatโs the main differences between a fixed-rate and tracker mortgage?
Essentially, the interest you pay on these two products and the features associated with each are what sets them apart.
A fixed-rate is the most common rate โ you take out a mortgage with a guaranteed rate for a specific number of years. You will know exactly how much your monthly payments will be from the start of your term to the end of it โ usually two, three or five years, or even longer.
A tracker mortgage is more changeable. It โtracksโ an external marker usually set by the Bank of Englandโs official rate of borrowing, which can go up and down or remain the same. Lenders will then set their own rates accordingly, and youโll likely pay a set percentage of interest on top of the base rate, depending on what deal you choose.
It is best to consider all options at the moment, we have seen some tracker rates work out better than fixed rates for certain customers.
Has your mortgage fixed rate ended or due to end? ๐ก โฌ๏ธ
Whether itโs a tracker mortgage, or youโre on your lenderโs standard variable rate or your remortgage is coming up, we can help guide you on the best solution for your circumstances.
Currently looking to remortgage? Speak to the experts today! We have access to 1000's of rates and over 90 lenders ๐ก ๐
We offer a FREE no obligation initial appointment to understand your circumstances.
Talk to us, your local mortgage adviser!
We are on hand to help guide you through the mortgage process, product and rates available to your current circumstances. Stress-free process!
Get in touch to see how we can help you!
Book your appointment today:
โ๏ธ Message us direct | [email protected]
โ๏ธ๐ฑ Call 0800 1 777 333
๐ฑ๐ป www.brentwood-mortgage.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH THE REPAYMENTS. THINK CAREFULLY ABOUT SECURING DEBT AGAINST YOUR HOME.
WHEN CONSOLIDATING EXISTING BORROWING, BE AWARE THAT EXTENDING THE TERM COULD INCREASE THE AMOUNT REPAID.