Tracker mortgages could become more popular, says Alexander Hall

Date:Monday 15th November 2010
Author: Max Freeman

A housing market expert from Alexander Hall has predicted tracker mortgages could be set to become more popular over the coming months.

Chief operating officer at the mortgage advice company Andy Pratt noted there was a "slight shift" away from the home finance product type a few months ago.

He explained this was because more consumers were opting for fixed-rate deals, as they believed there might be an increase in the base rate sometime in late 2010 or early 2011.

However, Mr Pratt pointed out this is looking less likely, adding: "Tracker rates are probably going to return to being a greater percentage of overall mortgages."

The Alexander Hall representative stressed there may still be an increase in the base rate in the near future, but for now, tracker deals look set to be popular.

Last week, the Council of Mortgage Lenders revealed there were 50,000 loans for house purchases in September 2010.