Terry Balfour, director of IVA.com, argues that even the low fixed rate deals currently available cannot compare to the savings afforded by cheap tracker rates.
He says: “Unfortunately nothing lasts forever and when borrowers come to the end of their current tracker deals there is little hope that they will be offered anything that comes close.
“It may seem harsh to disturb the relative peace that a lot of home owners are currently enjoying but the fact is that this situation is temporary and it will come to and end.”
“Those who don’t face the future and plan ahead are in for a nasty and inevitable shock.”
Balfour suggests that borrowers should start saving now in order to cushion themselves for when their deals expire.