We’re almost a year on from the Bank of England base rate reaching a record low of 0.5% and the rate still remains at this mark. Although it doesn’t much positive for the economy, home owners on a variable rate mortgage have benefited from low mortgage repayments.
Variable rate mortgages have no doubt helped thousands avoid repossession as unemployment has taken away a vital source of income. It’s no surprise then that the number of tracker mortgages being sold has increased as people face financial uncertainty. And this trend is likely to continue as we see lenders like the Woolwich and the Halifax reducing the cost of some of their variable rate deals this month.
