28
Jul
Lenders offering 'fewer tracker mortgages'
New figures have revealed that fewer people in the UK are opting
for tracker mortgages when buying a new home.
According to moneysupermarket.com, the number of available products
has fallen by 81 per cent since July last year.
However, the website tells customers not to despair, as there are
still other options offered by lenders that are in place to meet
the needs of individuals.
Louise Cuming, head of mortgages at moneysupermarket.com, said:
"Now more than ever there can not be a one size fits all solution
to increasingly complex needs."
She also thinks providers "no longer have the competitive drive to
deliver choice".
Ms Cuming advised homeowners looking for a tracker mortgage to take
the time to look around and find the right tracker deal, as they
are generally cheaper than fixed-rate options.
In other mortgage news, many lenders are no longer offering
long-term fixed-rate options and are focusing on the short-term
market instead, Moneyfacts.co.uk noted.