Track and fix hybrid mortgages are a decent option for people looking to get on the property ladder, according to MyMortgageDirect.

Catherine Hearnden, director of the company, explained that it will help keep first-time buyers' costs down and prevent them from "spiralling up" in the foreseeable future if rates go up.

"Lenders will still be looking at swap rates for the fixed part [of the deal], so I can't imagine that it is costing them anything" she said.

"They have just got that little bit of uncertainty now, but that is the same with pricing any mortgage product."

However, Ms Hearnden admitted that lenders would test the water before making a proper commitment to see what the mood is like.
She added that these types of mortgages are not complicated though might well appear to be.

People looking to get on the property ladder can pre-empt their big move by shifting furniture into a self storage unit ahead of schedule.

Posted by Fiona Mayers

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