Lenders pull their lifetime tracker rate mortgages

The number of fixed rate mortgages has increased 10% in the past year to 2,186, while trackers have fallen 8% to 523, according to Moneyfacts.co.uk. The Co-operative Bank and Britannia Building Society do not offer any tracker rates to new customers. Others, such as the Leeds and Nottingham building societies, offer no lifetime trackers. Aaron Strutt, a broker at Trinity Financial, told The Sunday Times: “Lenders have been slowly reducing the amount of tracker rates and there is certainly less choice. Many borrowers like the idea of taking a term tracker rate, but most lenders do not offer them.” Trinity Financial has access to one of the lowest lifetime tracker rates 3.18% (3.3% APR).  Call us on 020 7016 0790 to find out if you qualify for it. November 16, 2012