New Tracker Mortgages Launched
As predicted yesterday, three of the major lenders have relaunched new tracker mortgage products following the mass exodus of tracker mortgages from the market last week.
The three major mortgage lenders were the Abbey, Lloyds TSB and Alliance & Leicester. However, none of the three has passed on the 1.5 percent cut in the interest base rate given by the Bank of England this month.
According to figures from the Council of Mortgage Lenders (CML), the percentage of borrowers taking out tracker mortgages increased in September to 34 percent from just 28 percent in August, which is the highest percentage on record since the CML started producing these figures in 2005.
Mortgage brokers estimate that 25 percent of the figures now represent new home purchases. The CML is still calling upon the government to give more assistance to the mortgage market.
Posted on November 13, 2008
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