Tracker mortgages 'make sense for borrowers'

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Tracker mortgages 'make sense for borrowers'

Tracker mortgages make up the top three products sold by independent broker John Charcol so far in 2008.

Technical manager for John Charcol Katie Tucker explained that the expected fall in interest rates means that tracker rate mortgages "make sense for most borrowers".

The most popular products include the feature of no early repayment charges, meaning that customers can remortgage if a new wave of five per cent fixed-rate mortgages are released at a later date.

She adds: "The few lenders that have released sub 5 per cent two-year fixes, such as Bristol & West and Leeds, ran out of money on them in less than a week. This merely emphasises how vital it is for borrowers to move fast when a good deal does come up."

Research by GE Money Home Lending in October 2007 showed that 90 per cent of insurance brokers believed that interest rates had peaked, meaning that many started recommending tracker rate mortgages to take full advantage of falling interest rates.
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