Tracker mortgage

Gam2015

Would anyone recommend a tracker mortgage? I am currently on a fixed 1.83% mortgage until the 2/1/24 then my svr is 8.5%. Looking on my mortgage lenders offers they do a 2 year tracker at 5.59% and a lifetime tracker at 5.69% both with a £999 product fee and unlimited overpayments and zero fee if you repay the mortgage in full. With interest rates looking to fall over the next 2 years (hopefully) would a tracker be a good call. Any input appreciated thanks. 

D123456789

I have been on a tracker since 2007, it depends what your attitude to uncertainty is. It looks much more preferable than svr ( unless you have hardly any mortgage balance left in which case it’s not worth paying the fee)
How do your mortgage lenders fixed rate deals compare? Are there any fee free options? Will you make use of the unlimited overpayments? 

Gam2015

D123456789 said:

I have been on a tracker since 2007, it depends what your attitude to uncertainty is. It looks much more preferable than svr ( unless you have hardly any mortgage balance left in which case it’s not worth paying the fee)
How do your mortgage lenders fixed rate deals compare? Are there any fee free options? Will you make use of the unlimited overpayments? 

They are offering a 2 year fix at 5.34% with zero fee. 

fergie_

All down to appetite for risk, what you can afford (ie if rates go up?) and what you think the market is going to do.

Also check if you can switch off the tracker to a fix and if there are any penalties.