People looking for a mortgage may need to take a gamble to get the best deal in the current climate, according to one financial advice site.

The number of mortgage seekers choosing fixed rates in June reached a peak of 83 per cent, figures from John Charcol have revealed.

However, the firm stated that it expects trackers to become the more attractive option in future and more people try to cash in on the record low base rate of interest.

Darren Cook, head of mortgages at Moneyfacts.co.uk, said fixed rates have historically enjoyed popularity but with economists predicting that the base rate will stay low until the middle of next year, it may be worth switching to a tracker.

"The key there is to make sure that you take it within a short amount of time, or possibly a tracker with no extended tie-in, meaning that you can bail out of the mortgage when rates start going up and then transfer to a fixed-rate," he advised.

Source:27/07/09