Lesser-known mortgage decision ‘gives space’ and it’s not fixed rate

Dariusz Karpowicz, director at Doncaster-based Albion Financial Advice, said there was a lack of knowledge about tracker mortgages.

He added: "Most first-time buyers have never even heard of tracker mortgages, which is a shame because right now they could be a genuinely useful short-term play. With rates shifting fast off the back of geopolitical tension, a tracker with no Early Repayment Charges lets you sit tight on a lower rate and switch to a fixed deal once the dust settles.

"The catch? You carry the risk if rates climb further, and watch those product fees; paying one now and another when you fix could eat into your savings. Personalised advice from a good broker is everything here. Your circumstances dictate the strategy, not the headlines."