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Tracker mortgages 'the right choice for many borrowers'
Many borrowers would benefit from taking up a tracker mortgage at the moment, according to an expert.
Ray Boulger of mortgage adviser John Charcol said the current state of the economy suggests that such products would be "the right choice" for many as low interest rates may remain in place for a while.
However, he added that the upcoming election could impact on the market, meaning generic advice on mortgages will probably not be suitable for consumers.
He explained the uncertainty created by the UK heading to the polls may inspire consumers to "batten down the hatches and lock into a fixed rate for at least five years".
"But with the difference between these and the best tracker mortgages around 2.5 per cent, there is a big premium for the security of a fixed rate," he added.
Mr Boulger recently suggested that consumers need a better understanding of the deals they agree in relation to financial products such as loans and mortgages.