An investment and insurance services firm has reported a rise in the number of tracker mortgages on the market in the last quarter.
The Legal and General 'Mortgage Purchase Index' found that tracker mortgages increased by 17 per cent in the fourth quarter.
Stephen Smith, Legal and General's director of housing, explained that the shift towards tracker mortgages was because fixed rates are relatively expensive and because worries of immediate base rate rises have eased.
He said: "Most commentators are still expecting the base rate to stay low for some time to come, so this is a golden opportunity for people to think about paying off some of their debt ."
Meanwhile, recent research has revealed that the recession has prompted a fall in the average monthly mortgage payment .
According to Woolwich, the figure presently stands at £497, down from £607 in December 2008.
Number of tracker mortgages increased in the fourth quarter
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Number of tracker mortgages increased in the fourth quarter
Fri, 05 Feb 2010
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