The proportion of mortgage borrowers selecting tracker products has trebled year-on-year in April from 4.1% to 12%, Stonebridge has revealed.

The mortgage network said the increase in borrowers choosing these products follows the start of the Middle East crisis, although the speed at which the balance has shifted "reflects a degree of confidence".

When homeowners are faced with higher borrowing costs, Stonebridge said fixed rates provide certainty and protect them from higher rate increases.

However, with more borrowers opting for tracker products, the firm said it shows that many are not at the limit of household affordability, and can see rates falling relatively quickly following an increase due to the conflict and subsequent inflation shock.

This was reflected in the proportion of fixed rate deals falling from 95.4% to April 2025 to 87.6% last month, compared with a share of 5.5% for variable rate deals in Q1.

Chief executive at Stonebridge, Rob Clifford, said it is a "fascinating time to be a mortgage adviser", as borrower preferences give an “inside track” on what people really think geopolitically.

He concluded: "At the moment, they are signalling that they believe the worst may be over. Borrowers are increasingly willing to take on a little more risk for the chance of lowering their monthly payments when the crisis ends and rates start coming down.

"This is valuable intelligence for advisers, not because all borrowers are the same but because it underlines how important the question of risk is for customers and how we must not assume that all borrowers are risk averse. A first-time buyer and someone with a 95% LTV may have identical opinions on international events but they might be in completely different camps when it comes to product type."

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