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Tracker mortgage costs rise in May

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The cost of a tracker mortgage increased last month as lenders upped their margins on deals.

Data from the Bank of England highlights that the average interest rate on a tracker deal stood at 3.99 per cent for someone with a 25 per cent deposit during May.

This compared to an average rate of 3.86 per cent in April.

The Bank's figures also highlighted that rates on a five-year fixed deal increased in May, with someone with a loan of 75 per cent of their home's value paying 4.92 per cent, compared with 4.87 per cent the previous month.

Tracker mortgages are based on the Bank's base interest rate, which currently stands at a record low of 0.5 per cent.

It was recently reported by moneysupermarket.com that mortgage lenders are increasingly raising their interest rates out of line with the London Interbank Offered Rate (Libor).

A marketplace survey by the firm found that the average lowest-rate tracker mortgage came at 1.99 per cent above Libor last month, compared to 0.22 per cent in October last year.

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