When you are buying a house, there are a lot of things to think about. One thing that you might not have considered is whether or not you want a lifetime tracker mortgage. This type of mortgage tracks the rate at which inflation increases, so your payments will stay the same throughout the entire life of the loan. Here’s what you need to know about lifetime tracker mortgages.
A lifetime tracker mortgage is a type of home loan that tracks the rate of inflation. This means that your payments will stay the same throughout the life of the loan, even if the cost of living goes up. The interest rate on a lifetime tracker mortgage is usually lower than the rate on a fixed-rate mortgage so that you can save money over the life of the loan.
A lifetime tracker mortgage can help you save money in two ways:
There are two main risks associated with a lifetime tracker mortgage:
There is no one-size-fits-all answer to this question. You will need to consider your personal financial situation and goals to decide if a lifetime tracker mortgage is right for you. Talk to a financial advisor to get started.
Yes, you can typically get out of a lifetime tracker mortgage before the term is up. However, you may have to pay a penalty if you do so.
If you can’t afford your monthly payments, contact your lender immediately. They may be able to help you modify your loan so that it is more affordable.
A lifetime tracker mortgage can be a good option for some borrowers. However, it’s important to understand the risks before you decide if this type of loan is right for you. Talk to a financial advisor to get started.
A lifetime tracker mortgage can be a good option for some borrowers. However, it’s important to understand the risks before you decide if this type of loan is right for you. Talk to a financial advisor to get started.
Yes, there are some fee-free lifetime tracker mortgages available. However, these deals are usually only available for a limited time. Make sure to compare the interest rates and terms before you decide if one of these mortgages is right for you.
Talk to a mortgage broker to compare lifetime tracker mortgages and find the right one for you. We can help you understand the risks and benefits of this type of loan and find a deal that meets your needs. We have a wide range of lenders on our panel, so we can help you find a competitive rate.
Get in touch with us today to compare lifetime tracker mortgages and find the right one for you.