UK Money News
13th December 2007
Tracker mortgages 'coming into their own'
In the present climate tracker mortgages are becoming increasingly attractive, it has been claimed.
According to one personal finance provider, tracker mortgages nearly always provide more beneficial help with money than fixed-rate products.
Ray Boulger, senior technical manager at John Charcol, remarks: "Because of the services a tracker provides, in that you’re guaranteed to have your rate move in line with the Bank of England rate, as opposed to being at the mercy of your lender, I think that now trackers are really coming into their own."
He added that, although many lenders are making moves to reduce the range of products that they offer as help with money, "availability is not a problem".
The money news comes as a recent report from the Press Association reveals only eight of the 120 mortgage lenders in the UK have reduced their interest rates on mortgage products in line with the Bank of England.
Last week the Bank's monetary policy committee elected to reduce the base rate by a 25 basis points to 5.5 per cent.
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