23 Apr

Could property buyers benefit from new tracker mortgage?

Could property buyers benefit from new tracker mortgage?

Property buyers around the UK who are seeking deals on home loans may be interested in a new offering from one firm.

The Coventry has launched a tracker product which is 2.49 per cent, plus the base rate.

Currently, the deal works out cheaper than many fixed-rate offerings because the base rate remains at 0.5 per cent in the wake of the credit crunch.

According to the firm, the loan is an alternative to many existing mortgages.

As well as being available to new home buyers, it can be taken out by those looking to remortgage.

Colin Franklin, sales and marketing director at the Coventry, said: "For those wishing to take advantage of low interest rates and protect themselves in future, our capped base rate tracker mortgage is perfect."

However, the cost of the offering may rise later this year if the base rate goes up, as many experts believe it will.

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