Tracker mortgages are becoming ever more popular as the Bank of England cuts interest rates, one expert says.
Figures released by Andrews Mortgage Services reveal that 35 per cent of its new customers took out a tracker mortgage in January, a fact that director Chris Chapman links with falling interest rates.
He said: "With this [fall in interest rates] in mind it's no wonder tracker products proved to be flavour of the month in January with over a third [our] of new borrowers arranging mortgages on this basis."
Mr Chapman added that cuts in interest rates would boost confidence in the mortgage market and encourage buyers to purchase a property .
Last Thursday, Bank of England's monetary policy committee voted to reduce interest rates to 5.25 per cent.
It was the second rate cut in three months, the previous one taking place in December when the Bank announced that rates would fall from 5.75 per cent to 5.5 per cent.
Falling interest rates increase appeal of tracker mortgages
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