UK Money News
3rd April 2008
Triple whammy for tracker mortgage holders
Borrowers with tracker mortgages have been among the worst hit by the credit crunch, according to an independent financial data company.
Defaqto claims that since liquidity began to dry up in the financial markets, homeowners with these products have been struck by a "triple whammy" of higher interest rates and application fees and a severe reduction in choice.
Research conducted by the firm found that the number of trackers has fallen by 25 per cent since July last year and that any benefit that might have been expected from cuts to interest rates has been negated by lenders raising tracker rates further above the base rate.
Meanwhile, fees have skyrocketed by 46 per cent to an average of £1,005.
Commenting on the figures, David Black, principal consultant at Defaqto, said: "With banks and building societies trying to repair their balance sheets in an atmosphere of financial mayhem, it is hardly surprising it is the poor consumer who is caught in the middle and is having to pay more for less choice.
"It is almost as though we are going back to the days when lenders felt they are doing you a favour by offering you a mortgage."
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