If you're thinking of going for a tracker mortgage then you certainly won't be alone, as more people than ever are snapping them up despite providers hiking up their rates.
Various mortgage brokers have been criticised for increasing rates on their tracker mortgages in the wake of the Bank of England lowering the base rate. Critics say that providers are taking away the first chance consumers have had for a long time to get better deals on their mortgages.
Director at Savills Private Finance Melanie Bien defended providers position stating, “It may appear as though lenders are being cynical in raising tracker rates just when interest rates are about to come down, but it is evidence that lenders are struggling to raise funds because of the securitisation market.”
Whichever way you look at it, if you're in the market for a tracker mortgage now is the time to secure one as it still looks like they represent the best value. Even with providers increasing rates, the Bank of Englands decisions over the coming months could give you a massive boost.