Lifetime Tracker Mortgages
Lifetime Tracker Mortgages - Lifetime tracker mortgages are mortgages which have a tracker rate for the lifetime of the loan (i.e. until it is paid off). Lifetime tracker mortgages track the Bank of England base rate, staying a set value above or below this. As a result, lifetime tracker mortgages can be highly competitive when rates are low but do not offer protection against future rate rises. As a result, it is important to examine the mortgage terms and conditions for early redemption, as it may save money to remortgage if rates rise.
Lifetime tracker mortgages tend to demand relatively high fees. However, as those on lifetime tracker mortgages are less likely to remortgage – particularly as they may be fees or conditions to stop this. Lifetime tracker mortgage rates tend to reflect the loan to value (LTV) ratio of the product. As a general rule, the lower the LTV ratio, the lower the rate. As a result, it is worth paying a larger deposit if at all possible. In addition, interest will then be payable on a smaller loan.
Lifetime tracker mortgages can be the ideal mortgage product for borrowers looking to secure rates which stay competitive within the market. However, it is important to obtain the right lifetime tracker mortgage as it may be more difficult to remortgage at a later date.
At Capital Fortune, we have years of experience helping clients to secure the best lifetime tracker mortgages for their individual needs and requirements. We offer holistic advice and will recommend other products if they may be more suitable.
As a comprehensive panel of lenders mortgage broker, Capital Fortune examines lifetime tracker mortgages from a range of lenders. We put our customers first and offer professional and impartial advice.
Call our mortgage broker team now on 020 3 216 2037 or complete the Mortgage Enquiry Online. As part of our service, we will call you back.