What is the best mortgage deal to chose?

Borrowers pondering over what is the best mortgage deal on offer, must soon make a decision and chose a product. There are still good deals to be had but they tend not be available long before becoming over-subscribed. According to moneyfacts spokeswoman Sylvia Waycot, an increasing number of mortgage products are appearing on the market but they are only around  for an average of 27 days before being fully subscribed.

What is the best mortgage deal to be on, is it a fixed or a tracker option? Borrowers face a dilemma when deciding whether to not to fix. Fixed rates still remain comparatively expensive in comparison with trackers however this could change with a base rate increase. While forecasters predict the base rate will stay at its present low level for some time to come, this is in no way guaranteed. Borrowers needing security should consider the extra cost of fixing worthwhile, as while trackers are cheaper than fixed rates, they are essentially a gamble. What looks like a bargain rate now, could soon get expensive with an interest rate rise.

To get the full choice of lenders deals a decent deposit is still vital. Currently the rule of thumb is the bigger the deposit the more competitive the mortgage rate. Those borrowers wanting to know what is the best mortgage deal should remember that lenders will offer those with a 25 per cent deposit their best rates, and so for these borrowers now is a good time to be looking.