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New tracker mortgages claim to be market-leading

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A leading no-fee mortgage broker has introduced two new tracker mortgages to the market, claiming that both offer market-leading mortgage rates.

Both tracker mortgages launched by London Country (LC) offer a maximum loan-to-value of 85 per cent and a two-year mortgage term.

The first tracker mortgage comes with an arrangement fee of �599 and offers a mortgage rate that will be set at 0.25 per cent below the Bank of England (BoE) base rate for the total mortgage term.

Claiming that the second tracker mortgage is ideally suited to large loans, the mortgage lender asks an arrangement fee of �1,499. The mortgage rate of this tracker mortgage will be pegged at 0.51 per cent below the BoE base rate, starting at 3.99 per cent.

Free valuations and legal work is being offered to customers remortgaging to either of these tracker mortgage deals.

These two deals combine exceptional rates with valuable incentives for remortgaging, according to LC mortgage specialist James Cotton.

He believes the first tracker mortgage, offering an initial mortgage rate of 4.25 per cent, will have mass appeal.

Switching to the 3.99 per cent rate from an SVR [standard variable rate] of 6.5 per cent, borrowers can save at least �5,600 over the two years - taking into account the arrangement fee, Mr Cotton concludes.

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