The Bank of England (BoE) decided yesterday that interest rates are to remain at 4.5 per cent and this should urge mortgage borrowers to consider tracker mortgages, an expert says.
Those who would like to find a remortgage may benefit from opting for a tracker mortgage, as interest rate cuts are expected to be made early in 2006, says Ray Boulger of independent mortgage adviser John Charcol.
Despite the fact that a few mortgage lenders still offer competitive two-year fixed rate mortgages, John Charcol believes fixed mortgage rates will be cut next year.
"We would strongly advise most homeowners not to chase fixed rates upwards as most now available represent poor value unless the next base rate move is upwards," Mr Boulger cautions.
The mortgage adviser says those looking to find a remortgage should contact John Charcol to find out, obligation-free, how much they could save on their current mortgage repayments.
People who want to find a remortgage could also send John Charcol a copy of their existing mortgage deal for mortgage recommendations.
Charcol: Consider tracker when trying to find a remortgage
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Charcol: Consider tracker when trying to find a remortgage
Fri, 11 Nov 2005
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