The Times looked this weekend at the increasing interest being shown by borrowers towards tracker mortgages. With talk of another cut later in the year, and the expectation that rates will remain low for the next 3-4 years, many are looking to take advantage of the lowest deals on the market.
Experts highlighted the importance of the finer detail however. Borrowers should be looking at all aspects of a product, including the length of the incentive period, what rate they will revert to once the scheme finishes, and whether are any Early Repayment Charges. Perhaps most importantly, homeowners need to consider their own circumstances and whether or not they have room in their budget for any potential rate increases in the future.
The Mail on Sunday also looked to the future, giving tips on what borrowers can do to protect their finances over the next few years, as we lead up to Brexit, and deal with the outcome. Brokers suggested those concerned about the uncertainty that this could bring may want to consider a longer term fix. Overpaying wherever possible is also an excellent way of clearing debt at a faster rate, and can be particularly effective at a time when interest rates are so low.
What the papers said about Brexit-proofing your mortgage