Increase in the number of borrowers taking tracker rates
The number of borrowers choosing to take tracker rate mortgages increased in August according to figures from a leading mortgage company.
The statistics show that the number of borrowers opting for variable mortgage rates more than doubled from 9.5% in July to 20.8% in August.
Trinity Financial has access to a number of lenders offering low tracker rates. For example, Nationwide Building Society recently launched a two-year tracker at 1.99% and it has a £999 arrangement fee. Borrowers will need a 40% deposit to access this rate and the maximum loan is £1 million.
The APR is 4% and after two-years the mortgage will revert to Nationwide's standard variable rate currently 3.99%.
September 20, 2013
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