Tracker mortgages are being considered as a ‘more serious option’ for borrowers, the latest data has revealed.
Tracker mortgages are being considered as a ‘more serious option’ for borrowers, the latest data has revealed.
Figures released by Experian revealed nearly half of people using its mortgage comparison service in May were looking at trackers.
This leap from 33.5% in April to 47.6% in May could be down to the decision by the Bank of England to hold interest rates at 0.5%, said Experian.
It said this had encouraged homeowners to consider a tracker as a serious option for their mortgage.
But while interest in trackers has been on the rise, the number of consumers looking at variable rate mortgages had fallen, according to Experian.
Its data revealed of those searching for deals, 28.1% were looking for variables mortgages in May compared to 35.6% in May.
Meanwhile the number looking for fixed-rate deals fell by almost a quarter from 31.7% in April to 24.2% in May.
Amir Goshtai, managing director of propositions and partnerships at Experian, said: “The increased interest in tracker deals could be seen as a consequence of the Bank of England’s decision to hold interest rates once more.
“We will see if this appeal continues throughout 2018 and what impact any Base Rate rise will have on what mortgage shoppers are looking for.”
