Tracker Mortgage

Tracker Mortgage

A type of mortgage for which the interest rate tracks Bank of England’s interest rate.
References in periodicals archive ?
BM Solutions is offering a tracker mortgage capped until June 1, 2011 at a current rate of 5.64% and a maximum rate of 5.89%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.69%.
The Woolwich, which is part of the Barclays Group, also announced it was holding its lifetime tracker mortgage rate at 0.17% above the Bank of England base rate, giving a current rate of 5.92%.
SKIPTON Building Society are offering a base rate tracker mortgage with a low start rate of 5 per cent for 12 months.
ANOTHER 3,400 people have been hit by the tracker mortgage scandal - bringing the total affected to 37,100 by the end of March.
BANKING AND CREDIT NEWS-October 21, 2014-Santander reduces rates across mortgage range and launches new tracker mortgage
M2 EQUITYBITES-October 21, 2014-Santander reduces rates across mortgage range and launches new tracker mortgage
Current tracker mortgage customers benefit from the full 1% reduction.
Now lenders are effectively admitting they do not pass on the full benefits of interest rate cuts, by launching a new type of home loan called the tracker mortgage.
The Cork South-Central TD said: "Given that the number of impacted customers has increased dramatically to 33,700 in a short few months, it is now inevitable the number who have lost their home as a result of being denied a tracker mortgage will increase well beyond figure of 97 currently reported by the main lenders.
Tracie Pearce, HSBC UK's head of mortgages, said: 'We were the first to break the 1 percent mark last year with our two-year fixed rate mortgage, and we are now going sub-one percent with our two-year tracker mortgage.'
The group is no longer offering a lifetime tracker mortgage for people wanting to borrow 80 per cent of their home's value, while it has also temporarily withdrawn its two-year fixed rate mortgage deals.
TWO major lenders yesterday pulled their tracker mortgage ranges, just hours before the Bank of England is expected to announce an interest rate cut.