Tracker mortgages 'could be the best option'

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Tracker mortgage products may currently be the best option available to those looking to buy house soon, according to an expert.

Drew Wotherspoon, of mortgage advice firm John Charcol, has stated that while people may believe that fixed rates bring "security and peace of mind", expected falls in bank rates mean they may not currently be competitive.

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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