Dental & Medical Financial Services can help you to find the right mortgage product to suit your needs.

Currently, the Bank of England's (BoE) rate of interest is 0.25%, the lowest for many years. It is therefore understandable why property owners are choosing a Standard Variable Rate (SVR) or Tracker mortgage, allowing more flexibility.

Typically, however, property owners that fail to plan their finances end up on their lenders' SVR. Lenders offer special rates upfront, hoping you forget to switch and pay their higher SV rates. BoE rate cuts are also, often, only passed on in part.

Tracker mortgages 'track' the BoE rate so BoE cuts are passed on in full. However, increases are too. Tracker deals on the market are now, typically, 2% above base, or higher, protecting the lender's margins. If opting for a Tracker, find one with no early redemption charges, enabling you to switch if the BoE rate starts to rise.

Fixed Rate mortgages still offer secured lower rates for a longer term, giving reassurance to property owners. Remember, even though the BoE base rate is low, it doesn't mean your SVR will be low. Do you know the rate you are paying for your mortgage?

Dental & Medical Financial Services help dentists every day to find best rate mortgages suited to their personal situation. Call 01403 780 770 or info@dentalandmedical.com for more information.