Tracker mortgage holders can cap rates

Date:Wednesday 11th March 2009
Author: Max Freedman

Tracker mortgage deals are now available that enable borrowers to put a limit on the maximum rate they pay.

Writing in the Daily Mail, James Coney reported the deals by Woolwich and Coventry Building Society.

He detailed a number of tracker mortgages available that could be useful to borrowers.

As well as Woolwich's lifetime tracker which stays 2.99 per cent above the base rate and is capped at 5.99 per cent and Coventry's deal, which lasts for three years and is capped at 4.99 per cent, inexpensive trackers are also available from HSBC and First Direct.

The former is 2.45 points above the base rate while the latter is 2.39 points over it.

They have starting repayments of £711 and £703 respectively.

Meanwhile, mortgage broker company Chase de Vere has gone into administration.

The organisation, which was in business for 27 years, said that the mortgage market today is "appalling".