Lenders offering more tracker mortgages as Barclays launches 0.85% rate
After pulling many of their variable rate deals, more banks and building societies are offering flexible tracker rate mortgages again.
Most lenders have concentrated on providing fixed rates since the Bank of England base rate hit 0.1%, but there has been a reversal.
Trinity Financial's brokers have access to a range of lenders offering great rates including Coventry Building Society, HSBC for Intermediaries and Nationwide for Intermediaries.
Which lender has the cheapest mortgage rate?
Barclays for Intermediaries has launched a Bank of England 0.85% two-year tracker with a £999 arrangement fee. Applicants will need a 40% deposit to qualify, and it reverts to the lender's 3.59% standard variable rate. It is available for mortgage up to £2 million and has a 3.30% ARPC.
Aaron Strutt, product director at Trinity Financial, says: “The vast majority of borrowers take fixed rates and they do not consider trackers, but they can be more suitable, particularly if they do not have early repayment charges. Barclays rate is undercutting all of the fixes at the moment."
"Some of the lenders offer discounted variable rate deals but they can increase without movement to the Bank of England base rate."
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