Lloyds TSB tracker mortgage recommendation

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Lloyds TSB tracker mortgage recommendation

If interest rates fall as they have been widely forecast to do, many remortgagers will not be able to benefit, Lloyds TSB has cautioned.

This is because a great deal of remortgagers are not considering tracking mortgages when they make a change.

A full one-in-five of those who are due to remortgage before the year ends are too nervous to switch to a tracker, a Lloyds TSB survey found.

This is despite the fact that more than 60 per cent of those surveyed believe that interest rates will indeed drop.

Alison Burns, director of network mortgage sales, Lloyds TSB comments: "Having witnessed five rate rises in two years, it's not surprising some consumers are reticent to take a gamble on rates not rising again.

"Currently just 15 per cent of homeowners have a tracker mortgage but as thousands face increased monthly repayments they need to consider all the remortgaging options available."

Earlier this month the monetary policy committee of the Bank of England decided to leave the base interest rate at 5.75 per cent.

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