Borrowers advised to turn their heads to tracker mortgages

A mortgage expert is urging customers to keep away from tracker mortgages if they have any intention to keep hold of their cash. Peter O’Donovan, head of mortgages of Bestinvest said that lenders are unlikely to reduce their rates on tracker mortgages regardless if the Bank of England were to cut base rates further. Instead, he advised borrowers to opt for a fixed rate mortgage, yet warned that they would need to act fast before lenders begin to increase their rates.