Tracker Mortgages

Abbey is cutting rates on its two-year tracker and flexible mortgages by 0.1 per cent in response to the Bank of England's announcement today.

In the days before the credit crunch, people took out mortgages that tracked the Bank Base Rate because they thought the rate would drop in the future.

Lenders are continuing to increase the margins on their tracker rates at present, although the good news for borrowers is that more competitive sub 5% fixed rates are coming to the market, some now available with flat fees below £1,500.

With bank rate predicted to drop in February and the current lack of many competitive fixed rates, many people’s product of choice is a tracker with no Early Redemption Penalties.

Nationwide Building Society has announced an increase in rates on its range of new tracker mortgages.

Nationwide Building Society has announced an increase in rates on some of its range of tracker mortgages. The new rates are available from Tuesday 4 December 2007.

The Co-operative Bank has launched a new tracker rate mortgage, details of the new product are as follows:

A third of homeowners are ruling themselves out of benefiting from potential interest rate falls as they refuse to consider a tracker for their next mortgage deal.

From October 11, 2007 Woolwich is launching a new product to take advantage of any future drop in interest rates as many commentators expect during 2008.

Yorkshire Building Society has launched a new range of tracker mortgages, including two capped trackers starting at 5.99% for three years.

The Co-operative Bank has today launched a new tracker rate mortgage, details of the new product are as follows:

In the current climate of rising rates, Skipton Building Society’s new capped rate mortgages offer borrowers the security of knowing their maximum monthly repayments alongside the benefit of any reductions in the Bank of England’s base rate.

Yorkshire Building Society announces today a new range of competitive Bank of England tracker mortgages as customer demand swings back to this type of mortgage from the fixed rate market.

With two base rate increases already this summer and the expectation that we could be reaching the top of the interest rate cycle, Woolwich today launches a lifetime tracker with no application fees at just 0.17 per cent above base rate (current payment rate 5.92 per cent), its best ever rate for a fee free lifetime tracker.

Drew Wotherspoon of John Charcol comments, “Unless you’ve been on the moon recently, you can’t have missed reports of the great fixed rate disappearing trick over the last few months.