5 Year Mortgage Tracker Mortgages
There are many lenders who may be able to offer you a tracker rate mortgages for 5 years, however it also possible to obtain a range of policies that last for 1, 2 and 3 years as well. Tracker rate mortgages are dependent on the bank of England’s current base rate. The amount you pay per month in terms of interest may rise and fall accordingly.
A 5 year tracker rate mortgage could be seen by some as a risky way to manage your mortgage repayments. However, there are some benefits to taking out a tracker mortgage and they still quite a popular mortgage choice. Some reasons for why they are seen as advantageous could be:
- Repayments could be cheaper if interest rates are low.
- There is more ability to predict the interest rate decisions of the bank of England as opposed to individual lenders.
- Initial costs are generally less expensive that with a fixed rate mortgage.
Take a look at our mortgage comparison table above for some of the latest 5 year tracker mortgages that are available on the market - alternatively if you require advice please call our mortgage team on 0117 332 6063.