Tracker rates become more popular
Mortgage lenders have made reductions to their fixed rates this week and as lenders try to slow down demand for their trackers.
Over the last few weeks demand for Northern Rock's tracker rates has increased and this has led to their leading two year tracker rates being increased by up to 0.41%. At the same time some of their short term fixes have been lowered and now look more attractive.
Despite an interest rate rise in the euro zone many economists say that a quick rise in the Bank of England base rate would be too soon for our economy. This has led to the demand for tracker rates to increase as they are so competitively priced.
If you take a base rate tracker with the Woolwich or Nationwide Building Society, then they will allow you to switch in to a fixed rate at any time and this does provide added payment security.
The lowest two year tracker rate Trinity Financial can access is as low as 2.28% and it is available to borrowers with a 40% deposit. For those with a 25% deposit the rate increases to 2.68%. The arrangement fee on both mortgages is £1190 and the lender will pay for the property valuation and legals service if you are remortgaging.
April, 2011
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