Defaqto reports sharp rise in rates on tracker mortgages
www.moneynews.co.uk > Mortgages > Defaqto reports sharp rise in rates on tracker mortgages
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Defaqto reports sharp rise in rates on tracker mortgages
Fri 8th Jul 2011
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According to independent research firm Defaqto, a two-year base rate product was available at 1.01 per cent below the Bank of England figure when the lowest payments were applied in 2007.
However, analysts also revealed that average rates for tracker mortgages have fallen since their peak between September 2009 and February 2010.
David Black, Defaqto's insight analyst for banking, said: "Our analysis shows that while tracker margins have fallen since early 2010 they are still significantly higher than they were in 2007, before the credit crunch."
This news comes after the Bank of England revealed the interest rate will remain at 0.5 per cent for the 28th consecutive month.
Last month, Defaqto revealed that the travel industry has grown by 24 per cent since 2009, despite a decline in customer numbers during the two-year period.
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