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Will the interest rate rise trigger a stampede for tracker mortgages?

Hints by Bank of England that rates may have peaked leaves those remortgaging in a quandary

The rush towards tracker mortgages that began even before Thursday’s interest rate rise could well become a stampede after the Bank of England signalled that rates may be reaching their peak after 10 consecutive increases. It leaves those remortgaging right now in a big quandary.

While UK mortgage buyers have traditionally favoured fixed-rate deals with their set monthly repayments, about 1.7 million owner-occupiers holding mortgages are still on tracker deals, with monthly payments rising and falling according to the level of the Bank base rate.

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Please note that all views in posts that are not from the BSL Editorial Team are not opinions of the company and do not represent us in any form. All Non-Editorial articles are intended to be purely informational and should not be treated as fact.

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