0208 364 3444
Tracker mortgage products have surged in popularity with many choosing this option due to the big price difference in rates between fixed and variable mortgages, with the latter being considerably cheaper.
For so long now, securing a long term fixed rate product was the best option for many, however with today’s volatile market conditions and the wide variety of mortgage products that are emerging, it’s important to obtain targeted and proactive advice from a mortgage broker who is able to keep abreast of which products are coming onto the market and match the best one for your circumstances.
A number of lenders are now resuming tracker deals and creating innovative products to support new lending. For example Halifax has added tracker mortgages to its offering, making it the first time since 2019 that such deals were available through the lender. The products are available to home buyers, first-time buyers and those remortgaging.
We also have access to NatWest’s brand new Track and Switch product. This allows us to organise a tracker mortgage for clients with a view to moving them on to a fixed rate product after three months if so desired. This gives customers flexibility right now but the option to fix later.
Finally, demand for our very own FlexiLock service is increasing with many of our customers stating that this service provides unrivalled flexibility and access to the best available rates.
What is FlexiLock?
With our new “FlexiLock” approach, we will search the market for the most suitable product for you and continue to monitor this right up until the product goes live.
Our experienced brokers will liaise with you multiple times before the product goes live. And if we find a lower overall cost or more suitable product for your circumstances, we will switch the product over.
In practice this means cancelling the rate we had secured and swapping over to the improved rate. This is done with no extra broker’s fees charged to you for the FlexiLock service.
Lets discuss your mortgage
If you would like to discuss a mortgage on a new or current property, please use the Schedule a Call button or call and speak to our senior broker, Danny O’Keeffe today on 0208 364 3444.
Experts Predict property prices will likely soften during 2023
A significant cost-of-living crisis and rising mortgage interest rates mean that the cost of borrowing has increased, making it more challenging for many to secure the finance they need to secure their desired property. This is likely to negatively impact property prices in 2023.
Although the experts don’t all agree on what will happen to house prices over the next 12 months. Some, like HSBC, feel reasonably optimistic and anticipate a 3% decrease. However, Nationwide believes the worst-case scenario (which they point out is unlikely) could be 30%, but 8-10% is more likely.
ONS says 1.4m households face higher remortgage rates
More than 1.4 million UK households face the prospect of interest rate rises when they renew their fixed-rate mortgages in 2023, says the Office for National Statistics.
The majority of fixed-rate offers in the country, or 57% of these types of loans, coming up for renewal in 2023 were fixed at interest rates below 2%.
Around 4 in 10, or 45%, of adults with mortgages, reported being “very”, or “somewhat” worried about the changes in mortgage interest rates in the department’s Public Opinions and Social Trends survey in December.