Trackers have never been so expensive
December 11, 2008 by Brendan O'Neill
News
The difference between the price that homeowners pay for a tracker mortgage and the base rate from the Bank of England has never been so high since records began in 1997 according to the Daily Mail.
An average figure of the difference used to be around 1 percent, as mortgage lenders always charge a mark up over the base rate.
The latest figures, however, show that the new average is 2.84 percent!
Tracker rate mortgages are incredibly popular because the interest rate falls in line with the base rate and the BoE has made three cuts in the last few months, but the real winners are those who took out a tracker more than a year ago when the terms were more generous.
Written by
Brendan O'Neill
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