Buyers have been advised to consider tracker mortgages in light of the recent base rate drop.
Tracker mortgages currently represent the best option for UK home buyers, it has been claimed.
Despite fixed-rate mortgages representing a far more popular choice for home buyers, the recent Bank of England emergency base rate cut - and the possibility of further drops - makes the variable mortgage an appealing option, according to Ray Boulger, senior technical manager at John Charcol.
Mr Boulger states: "With further Bank rate cuts expected over the next few months it is still too soon to buy a fixed-rate mortgage and so we continue to recommend trackers, preferably one with a droplock option which allows borrowers to move to a fixed rate when they so choose to, with no delay or complicated paperwork.
"For borrowers who want or need the security of a fixed rate there is a good case for delaying an application until the impact of the new paradigm is reflected in lower rates."
He added that Bristol and West's announcement that they would cut fixed rates following the Bank of England's interest rate drop was expected to start a trend in the market.
New figures released by Halifax today have shown that the house prices fell by 1.3 percent in September, bringing the average cost of a home to £172,180.
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