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Fixed May Trump Tracker For Those Seeking Property For Sale
Current tracker rates are not necessarily the best option for those seeking property for sale, What Mortgage has advised, although they are expected to become more popular in the months to come.
Ben Wilkie, editor of the publication, said people who took out a tracker three or four years ago would be enjoying an "absolutely brilliant" rate now, but due to the way mortgages are priced they are now not as great a deal as they may seem.
"Because most people don't expect interest rates to rise very much, fixed-rates are comparatively competitive," he added.
However, trackers or variable rates can still be useful for buyers who have some flexibility in their budgets, as they will probably find themselves paying a little bit less to begin with.
According to Bank of England figures published at the end of August, the number of mortgage approvals increased to 49,239 in July, higher than the previous six-month average of 46,822.
Meanwhile, remortgaging approvals increased in July, but still stood at lower than the previous six-month average.
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Article date: 9/7/2011 12:00:00 AM