Should I get a tracker mortgage?
The world of homebuying presents a multitude of mortgage options. Each option carries its unique attributes, pros, and cons. This piece will shed light on the tracker mortgage, exploring its functionalities, popularity among homebuyers, and other essential considerations.
Selecting a mortgage deal isn’t a one-size-fits-all scenario. The utility of a mortgage relies heavily on the situations it’s applied to. For instance, acquiring a tracker mortgage initially may seem like a good idea, until you discover that fixed payments (fixed-rate mortgage) would have been more suitable down the line. Unfortunately, with a contractual agreement in place, it’s often too late to make changes.
That’s why we strongly advocate for upfront planning, research, and professional advice, especially for first time Buyers and home movers in Manchester. As a trusted mortgage broker in Manchester boasting wealth of experience, we can provide invaluable mortgage advice tailored to your unique needs.
What is a Tracker Mortgage?
Essentially, a tracker mortgage reflects the Bank of England’s base interest rate plus an additional percentage determined by your lender. Your lender has to adhere to this external rate, which invariably affects your interest rate.
For example, if the Bank of England’s base rate is 1%, and the lender adds an extra 1%, your interest rates ultimately resonates with the bank’s percentage.
Will a Tracker Mortgage in Manchester Benefit Me?
A tracker mortgage is intimately linked to the health of the economy. If the Bank of England’s rate is high due to a struggling market, it may not be the best mortgage option. Conversely, if the base rate is low due to favourable economic conditions, a tracker mortgage might be an appealing choice.
Different Types of Mortgages in Manchester
Manchester offers a diverse selection of mortgages suitable for first time buyers in Manchester. To ensure you make an informed decision, consider seeking advice from a reputable mortgage advisor in Manchester on plausible options.
Having been in the mortgage industry for over two decades, we offer trustworthy advice to first-time buyers. Based on our exceptional understanding of the different types of mortgages, we can match your specific needs to the best possible mortgage type.
Our services also extend to existing homeowners looking to remortgage or move homes in Manchester. As an endearing and skilled mortgage broker in Manchester, we are committed to guiding you through the entire mortgage process, ensuring a smooth and satisfactory experience.
Date Last Edited: November 8, 2024
