8 Apr

'Rise' in tracker-rate deals

'Rise' in tracker-rate deals

Fixed-rate mortgages have dropped in popularity as tracker deals are taken out by more homeowners, according to new figures released by the Council of Mortgage Lenders (CML).

The number of people opting to take out tracker deals increased from 33 per cent to 25 per cent during February, it said, while the volume going for fixed rates fell to 52 per cent.

Director general at the CML Michael Coogan claimed that this development is taking place because people believe the Bank of England will cut rates again soon.

"More recently, there has been consistent evidence of tightening in lending criteria which will lead to shrinking pipelines of new business as the recent Bank of England's credit condition survey made clear," he commented.

He added that a number of service providers are having to deal with a high number of mortgage application as lending criteria has been tightened.

The Royal Institution of Chartered Surveyors has this week said that the government should make more land available so that more properties can be built.ADNFCR-1222-ID-18542589-ADNFCR

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