The base rate in Britain has stayed very low for some time, but that is no guarantee it will stay low going forward. It is wise to compare mortgage rates on various products to find the best deal for your longer-term financial future.

Tracker deals are currently available at 1.5% to 3% above the BOE base rate, depending on LTV. This may make the mortgage more expensive in the future, but payments at present will be low due to the low base rate, and lower than current fixed loan deals. This could offer people an opportunity to overpay their mortgage, which would cut the cost and length of it considerably, as well as the total debt interest paid. There are some tracker loans, like the Principality's three-year tracker, that allow you to switch to one of the building society's fixed deals at any time with no exit penalty.