28 Jul

Lenders offering 'fewer tracker mortgages'

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.ADNFCR-1222-ID-19281259-ADNFCR

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