MoneyFacts.co.uk: Tracker mortgages 'harder to find'
www.moneynews.co.uk > Mortgages > MoneyFacts.co.uk: Tracker mortgages 'harder to find'
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Money News |
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MoneyFacts.co.uk: Tracker mortgages 'harder to find'
Fri 12th Dec 2008
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According to the site, many lenders stopped offering tracker mortgages following the reduction of the base rate to two per cent and there are now just 45 tracker mortgages available to prospective homeowners overall.
Moneyfacts.co.uk also reported that although the base rate of interest was cut by one per cent, the average rate for a two-year tracker mortgage has fallen by just 0.85 per cent.
Darren Cook, mortgage expert at Moneyfacts.co.uk, said: "A week after the one percentage point reduction to base rate, only one in ten mortgage providers have reduced their Standard Variable Rate by the full amount."
Last month Gordon Brown called on mortgage lenders to behave "responsibly" towards customers who may be suffering financially because of the credit crunch.
Click here for more mortgage news
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