Tracker Mortgages | Finance

Are tracker mortgages facing extinction?

Figures from moneysupermarket.com show that the alarming fall in available mortgage products has continued, despite previous claims of ‘green shoots' in the housing market. The tracker mortgage market has been the worst hit, with the number of available products falling 81 per cent since July last year, whilst the number of fixed rate mortgages has fallen by 46 per cent.

Lloyds TSB and C&G launch new tracker mortgage range

Lloyds TSB and C&G launch a new tracker range with rates starting from 3.69%. Following the 1 percentage point cut in the Bank of England base rate, LIBOR - used by lenders to fund trackers - has fallen by 0.4%. The lender pledged before the base rate decision to pass on any saving that could be made in funding new mortgages and prices in the new tracker range have been cut by as much as 0.7%.

first direct launches new base rate tracker mortgages

first direct has launched two new market leading base rate tracker mortgages available from today, Friday 5 December.

Alliance & Leicester withdraws Tracker Mortgage

Following the cut in the Bank of England Base Rate announced today, Alliance & Leicester will be temporarily withdrawing its Tracker Mortgage from its mortgage range from the close of business today, Thursday 4 December 2008.

Nationwide launches two year tracker mortgage

Nationwide Building Society has today announced it will be launching a new two year tracker mortgage available from 4.99% with a reservation fee of £995, effective from 1 December 2008.

uSwitch.com's tracker mortgage tracker

Just two weeks after the unprecedented base rate decrease of 1.5% and the ensuing tracker mortgage market exodus, 16 key providers have now re-launched these products at an average rate of 5.24% APR, according to uSwitch.com.

Mortgage risk and exposure triples in past three months

Rather than being a cure-all, new trackers have become the ultimate 'handle with care' mortgage with bank margins now at a dangerous level for borrowers.

Nationwide not to pass on base rate cuts to tracker customers

Commenting on Nationwide saying it won't pass on any further cuts in UK interest rates to 250,000 of its tracker mortgage customers, Louise Cuming, head of mortgages at moneysupermarket.com, said: "This demonstrates the chasm between Government rhetoric calling for lenders to pass on all rate cuts and financial reality. In the current climate we need financial stability and that starts with profitability.

Nationwide launches two year tracker mortgage

Nationwide Building Society has announced it will be making some changes to its mortgage products, including the launch of a new two year tracker mortgage.

Trackers fail to make reappearance

Last week, the Bank of England slashed the base rate again in an attempt to kick start the economy, but after three strikes by the committee, it is clear that we have seemingly reached a dead-end on the industry's favourable response to it.

Tracker mortgage customers to save on repayments

The UK's three million tracker mortgage customers will save around £9 billion in mortgage repayments over the next year following the recent base rate cuts, according to research from uSwitch.com. Just one in five (616,350) customers have been sensible or lucky enough to use the extra cash to overpay their mortgage, which means they could save a staggering £16 billion of interest and knock almost nine years off of the mortgage term. Unfortunately, it seems overpaying a mortgage is not that straight forward with every provider. Over 230,000 consumers claim that their provider made it so difficult they just couldn't be bothered.

YBS launches capped tracker with reduced fees and cashback

Yorkshire Building Society has launched a new two-year tracker product with an interest rate of 3.19% (BoE + 2.69%) capped at 5.49%.

Alliance & Leicester launches best-buy 2-year tracker

On Friday 24 April, Alliance & Leicester is launching a best-buy 2-year tracker at Base Rate plus 2.45 per cent (currently 2.95 per cent) with a £499 fee and 75 per cent Loan-to-Value (LTV). The new product is available to homebuyers and remortgagers borrowing up to £250,000.

Tracker mortgage borrowers risk squandering low rate benefits

More than half (56%) of borrowers who say they are on a tracker mortgage are not taking advantage of historic low interest rates to overpay on their mortgage, suggests research by professional advice website Unbiased.co.uk. Of the 158 tracker mortgage borrowers surveyed, just one in five (22%) have held repayments at the levels they were before the recent drastic round of rate cuts, enabling them to take full advantage of the opportunity to reduce the amount outstanding and term of their mortgage.

Yorkshire Building Society re-enters tracker market

Yorkshire Building Society has re-entered the tracker mortgage market with a brace of two and three year products available up to 75% loan to value.

The Co-operative Bank launches new tracker mortgage range

The Co-operative Bank is launching a new tracker mortgage range on Friday 30th January. The range will include a three and five year tracker and full details are as follows: