Homeowners who are looking for a product with a mortgage rate that is easy to understand have been advised to opt for a tracker product.

Choosing a tracker mortgage is a better way of accessing a cheap rate mortgage at present than choosing a reduced rate product, Catherine Hearnden, director of MyMortgageDirect, said.

"Tracker rate [offers] a far easier way of knowing what your rate's going to do if the base rate changes, it is going to change when the base rate changes," she explained.

Ms Hearnden described the fall in the number of reduced rate products as a "good thing", stating that they are often "vague" as it is difficult to determine what rate they have been lowered from.

Her comments follow a report from Defaqto stating that the number of discounted rate mortgages on the market has fallen by 72 per cent in the past three years.

Written by Paul Governor

Looking for storage in Warrington? Contact us free on 0800 077 3447 now.