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Financial newspapers highlight the benefits for tracker mortgage holders

A number of leading UK financial newspapers, such as the Guardian, have today highlighted the potential savings for those with mortgage tracker agreements as UK rates continue to head down again. Not only has there been a significant reduction in short-term interest payments for those with tracker agreements, but there is also the opportunity to pay down more than the minimum per month with rates so low.

This is not financial advice but more a view of many in the market and professional advice should be sought because individual circumstances are very much different. However, it is obvious that for example £500 with rates so low would see more capital paid off than interest when compared to higher interest rates where the balance would be different.

However, it is no surprise to learn that there is very little free money in the UK economy at the moment and more and more people are struggling to pay current costs as opposed to increasing their mortgage payments in the short term. With talk that interest rates may fall as low as 0% persisting in the market, however unlikely this may be, it does look as though UK interest rates are set to fall in the short term if the indications from the Bank of England are correct.

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