Is A Fixed Rate Remortgage The Right Choice?

Homeowners are at present rather concerned about the possibility of an interest rate rise in their mortgage. If you are on a tracker mortgage at the moment your mortgage payment will be quite low because as the name tracker suggests a tracker mortgage tracks the Bank of England base lending rate. As this rate is at an all time low of 0.05% which is the lowest in history, it goes without saying that the tracker mortgage is cheap at present. However when the base rate goes up so does your mortgage payment. It might be wise now to obtain quotations for a fixed rate remortgage. It will be at present a higher payment than the tracker is at the moment and as none of us is physic no one can see the future and what it holds mortgage wise. At least with a fixed rate remortgage you will know what your mortgage payment will be, and can budget accordingly.

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