Tracker mortgages being withdrawn
10 October 2008
Unfortunately although not surprisingly ,tracker products are be withdrawn by lenders.Lenders simply cannot borrow anywhere near the ECB rate at present and in fact interbank borrowing costs have risen since the .5% drop in the Ecb rate earlier this week.
As trackers are priced at a margin over Ecb it really does not make sense for lenders to offer these products if they are losing money from the very start.
Tracker mortgages guarantee a margin over the Ecb rate.
We will update our calculators when we have full details of rate changes next Monday.