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.
