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Mortgage arena sees a raft of rate reductions

Despite the fact that many people are complaining there is little or no competition in the UK mortgage arena, the last few days have seen a number of well-known UK companies, predominantly building societies, step forward with reduced rates. A number of mortgage providers are now looking to tempt homeowners into fixed-rate mortgages which offer a security many are craving, at least in the short term.

However, there is a growing concern that this reduction in UK base rates has come too late to impact upon the property sector in the short to medium term. Many homeowners are now looking towards tracker mortgages, which effectively track UK base rates, as a means of taking advantage of reduced base rates for however long they may last. So is now the time to look at the tracker mortgage or a fixed rate mortgage?

As we suggested above, both tracker mortgages and the fixed-rate mortgages have advantages and disadvantages and professional advice should be sought at all times to ensure any deal that you agree is the best for your situation and for your prospects. Tying yourself down to a non-variable mortgage arrangement obviously has certain risks but it does also give comfort and predictability for mortgage payments in the short to medium term.

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