Fancy a tracker mortgage? Existing borrowers may have to switch lender
A recent story in The Times by George Nixon highlights how the best tracker mortgages on the market are only available to new customers.
Yorkshire Building Society has a two-year tracker at 0.19% above the Bank of England's base rate of 4%. While Halifax has a two-year tracker at 0.36% above the Bank rate.
Neither lender offers tracker mortgages to their existing customers, unlike the other big lenders, including HSBC, Nationwide and Santander.
Halifax told The Times that it does not offer trackers to its existing customers. It said: "We regularly review our mortgage range so that it strikes the right balance of choice and price."
Many mortgage borrowers remain with their existing lenders because it is often easier to stick than switch products. However, many banks and building societies do not allow their existing customers to take a tracker.
The Times highlights Halifax had not offered trackers for four years until January when it launched 15 deals for new customers.
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The information contained within this article was correct at the time of publication but is subject to change.
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