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Tracker mortgage holders will rejoice at rate cut, expert claims

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Yesterday's cut in the Bank of England base rate will bring joy to million of tracker rate mortgage customers, according to one expert.

Ray Boulger, spokesperson for mortgage brokerage firm John Charcol, explained that those on trackers without collars will have seen their rate fall by 4.5 per cent in the last few months.

This means that those on an interest only mortgage will have seen their payments fall by 90 per cent as a result, he stated.

As well as those with trackers, some borrowers on certain lender's standard variable rates (SVR) will also be pleased as punch; not something many of us would ever have thought possible, the mortgage expert said.

Mortgage lenders whose SVR is tied to the base rate will currently be offering the best deals in this area, he added.

However, rather than spend the extra cash people have available because of these falls, they should use it to pay more off their mortgage, Mr Boulger added.

Yesterday, the Monetary Policy Committee halved the Bank of England base rate to 0.5 per cent.

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