Bank of China upped its lifetime tracker rate again last week as a result of increased demand. The tracker is its only mortgage product and since it was launched in January 2010 has had a rate of 2.3 per cent above base. So on June 19 it increased its rate to 2.48 per cent above base and then last week increased that figure to 2.68 per cent.A spokesman for Bank of China says: “Bank of China faces no funding pressures but the problem is that the product occupied an isolated position in the market and was too competitive, so we were forced to react. We’ve been overwhelmed with new business.” And Trinity Financial product and communications manager Aaron Strutt says that even at the reduced rate it’s still an attractive product. He says: “Even direct there aren’t many lenders offering term tracker deals so if it’s particularly attractive, the increase is hardly surprising. But even at 2.68 per cent above base it’s still a pretty competitive rate, 1 per cent ERC for the first year, so it will still prove popular.” Call Trinity Financial on 020 7016 0790  Article from Mortgage Strategy. July 13, 2012