No Fee Tracker Mortgages
A no fee tracker mortgage may appear to be a particularly attractive policy for customers who wish to save money on common mortgage related expenses. To find the best deal on a no fee tracker mortgage, it is advisable for customers to shop around and compare different mortgage deals wherever possible. Tracker mortgages work by tracking the interest rates that are set by the Bank of England. The starting rate for this mortgage is generally set by the provider, and this will then rise and fall according to any changes that may be introduced.
Many borrowers prefer to have their interest rates adjusted in this way, as they can to an extent be predicted, and cannot be influenced by the provider once the mortgage period has begin. If you are searching for a suitable no fee tracker mortgage, feel free to consult our mortgage comparisons for deals from other providers. Many of these mortgages are also very flexible, and may allow customers to under or overpay as they see fit. Using a no fee tracker mortgage, the arrangement fees that are commonly required for most mortgages may instead be paid for by the provider.
Although this type of mortgage may have several useful advantages, it is important to carefully consider the starting rate of a no fee tracker mortgage. These rates may be higher than many similar mortgages in order to compensate for the apparent lack of an arrangement fee, so it is therefore important to shop around as much as possible. Although the rates on tracker mortgages may be highly competitive, it is should be remembered that they are not without a certain amount of risk. Interest rates that may decrease for one month may be subject to substantial increases in the future, and as such should be carefully monitored.
For independent advice n your options call our mortgage team - 0117 332 6063.