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It does not matter what the Bank of England base rate is set at, you will find that a tracker mortgage is usually set higher but set lower than the standard variable rates.

When the interest rate is currently at an all time low this is great news for everyone, like now, it's actually at an all time low, so you probably have the best tracker mortgage ever and as the rates of interest go down then so will your tracker mortgage.

For those of you with best tracker mortgage now are really winning over all those people with a long term fixed rate mortgage as these people will be still paying a much higher mortgage rate and may be struggling in today's economic climate.

As we all know, a tracker mortgage will follow the bank of England base rate and go down to an all time low as they are at the moment, you have to be prepared for when they go up as they surely will eventually, imagine how much more you will be paying if the base rate goes up to 5 or 6 percent or even higher.

Mortgage companies can sometimes let you change to a fixed rate mortgage rather than stick to your tracker mortgage and not even give any payment penalties as some mortgage companies will require a fee for this service and this could be a gamble that could pay off when the rates rise again, and of course they are bound to at some point.

You must not forget that mortgage payments will increase each month with your tracker mortgage as the base rate increases so this can be a drawback with these types of deals and the margin between the rate being tracked and your rate can be changed by some lenders.

There is something called a collar, meaning the rate you are paying will never drop lower than a pre-determined level so check this with your lender.

8th October 2010
The actual cost of the tracker mortgage was recently slashed by 0.41% by the Barclays Woolwich confirming their commitment to the housing industry.

This is great news for UK home owners, the news comes as Barclays Woolwich are reducing the cost of a range of their deals after they announced that they have exceeded £100bn worth of mortgage lending in total.

From when the mortgage industry took a turn for the worst around 3 years ago Barclays Woolwich has advanced around £55bn, this is a staggering 42% with their overall lending compared to an average increase of 3.5% across the mortgage industry, something of an achievement.

Barclays Woolwich are lending more to home owners and are fully commited to the UK market even more than ever before and have adapted and evolved their range of mortgages to ensure they meet the borrower's needs and provide long term value.

Tracker mortgages in the UK are costing much less now than ever before
In January of this year, 2010, the best tracker mortgages following the Bank of England Base rate were at a lower level than ever before as competition in the mortgage market started to pick up slightly.

However, the tracker mortgage market, according to moneysupermarket.com has been hit the worst with Money supermarket have indicated that the tracker mortgage has been hit the hardest with the availability of trackers falling to more than 80% since July last year.

Searching for the best tracker mortgage could be the best thing you ever did, especially now as the rates are so low, although with this low base rate the only way is up so you have to think, will your tracker mortgage still be the best thing you ever did in a couple of years from now, only time will tell.

The tracker mortgage is not your only option, it could just be a good idea with todays low base rate, however, you may want to consider some other types of mortgage to suit your needs.

There is the variable rate mortgage, the fixed rate so you know what your paying every month, the capped mortgage and don't forget about the Interest only mortgage, a popular mortgage for people on low income is the interest only mortgage, this will reduce your monthly payment but you wont be reducing your mortgage with this, but it could be your saviour for a few years.

Read more about Mortgages at our Mortgage Comparison Sites Website.

Brought to you by Colin Castle of the Best Tracker Mortgage Website