Banks and building societies are offering incredibly cheap tracker rate mortgages following the Bank of England’s decision to lower the base rate by 0.5% to 0.25%.
A selection of mortgage lenders are offering sub-1% two-year tracker rates for applicants with larger deposits including HSBC, Nationwide, Barclays and Scottish Widows for Intermediaries.
HSBC for Intermediaries has a 0.89% two-year tracker mortgage with a £999 arrangement fee. After the tracker rate, the mortgage reverts to the lenders current 4.19% standard variable rate, and the overall cost for comparison is 3.8% APRC. The product does not have any early repayment charges and applicants will need a 40% deposit to qualify.
Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a bargain-basement mortgage then the tracker rates are a great option. If you prefer to take a two-year fix, then Halifax has a rate that is 0.25% more expensive than HSBC’s tracker rate.”
Call Trinity Financial on 020 7016 0790 to secure a mortgage