He added that certain trackers also include features which could make them even more attractive to lenders.
"Many trackers now have a drop-lock' option, which allows borrowers to play a waiting game and benefit from any fall in interest rates, but which can then be switched to a fixed rate as soon as they think the time is right," he explained.
"And making the switch is simple - all it will take is one phone call and the mortgage will be changed to a fixed rate."
Recent research by the Co-operative Bank and Places for People found that many first-time buyers are reducing the amount of money they spend on luxuries such as eating out in order to afford new homes.
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