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Tracker mortgages becoming more popular

Demand for tracker mortgages is surging this year to the extent that supply could be exhausted, it has been claimed. According to mortgage broker John Charcol, all three of its best selling products in January have so far been bank rate tracker products. Katie Tucker, technical manager for John Charcol, attributed the trend to wide ranging anticipation that the Bank of England will cut rates in the forthcoming months. She said: "The Bank rate is widely expected to fall so trackers or discounts make sense for most borrowers, and one with no tie-in at all means you can remortgage away when you like." However, if borrowers are to secure good deals like these they will need to act quickly, with lenders which have cut rates in line with the recent reduction to the base rate all reporting that they have been inundated by applications for their tracker deals. Ms Tucker added: "This merely emphasises how vital it is for borrowers to move fast when a good deal does come up."

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