Track and fix hybrid mortgages are something that homeowners should consider, according to MyMortgageDirect.

Catherine Hearnden, director at MyMortgageDirect explained that they were a good option because they offer people some degree of flexibility.

"People are not keen on fixing now because rates are low and everyone has got it in their head that rates will increase," she said.

"You have got the benefit now of a tracker, but you know that your rate will not increase between years three to five. They are a very good option."

Most borrowers will not be that aware of hybrid mortgages, Ms Hearnden added, especially if they "go direct". Furthermore there are not that many lenders offering them.

"It is quite a new thing, so I shouldn't imagine that people do know they are out there," she stated.

"Certainly when we ever talk to anyone about them, it is not something that they were expecting. It just shows that advice is important because if you don't take advice then you won't know it is there."

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Posted by Paul Governor

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