Tracker mortgage rates – which is the best one to chose?
For around 3 years a tracker mortgage has been a good option for home owners.
Trackers became popular in March 2009 when the Bank of England cut the base rate to 0.5 per cent. Since this time the difference between fixed rate deals and the best tracker mortgage rates available, has shifted and now there is very little between the two.
Experts warn, now is a good time to look at the best tracker mortgages available as crisis in the eurozone is likely to affect mortgage rates.
Chelsea Building Society are offering a tracker for 70 per cent LTV customers at base rate plus 1.69 per cent, meaning 2.19 per cent until December 2013. A £1,495 fee will be applied.
Skipton Building Society’s 2 year tracker mortgage is available for 60 per cent LTV borrowing and has a variable rate of 2.38 per cent for 2 years. Skipton charge 1.88 per cent above base rate and the product comes with a £995 fee.
The Leeds Building Society are offering a tracker rate of 2.29 per cent until January 2014. This 2 year deal is for borrowers with a deposit of at least 30 per cent and comes with a £1,999 fee.
Currently Santander are offering a 2 year tracker mortgage at 1.45 per cent plus base rate. This means that customers with a loan-to-value of 60 per cent will pay 1.95 per cent interest. This product comes with a £1,995 fee.
