Senior technical manager Ray Boulger said that with a recent interest rate cut and more expected soon, such a product would be advantageous in comparison with variable rate mortgages, for which lenders do not always cut the rate when the Bank of England does.
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He stated: “I think that now trackers are really coming into their own,” adding that such a product “nearly always gets you better value than a fixed rate mortgage, providing the starting point is good”.
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Earlier this week the Press Association noted that of a total exceeding 120, only eight of Britain’s mortgage lenders have passed on the 0.25 per cent cut implemented by the monetary policy committee in its December meeting to their mortgage customers.
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