Abbey and LloydsTSB increase margins on trackers
Following the unprecedented rate cut from the Bank of England last week, many lenders retracted their tracker mortgages.
This was to combat the losses that would be made if remortgage customers rushed to take out a tracker mortgage when the base rate was at a record low.
Abbey and LloydsTSBs’ tracker mortgages are available to mortgage and remortgage customers, but the margins on those products have been increased.
November 13th, 2008 at 5:49 pm
I’m not sure how to react to this - I get that banks need to make some profit, but given that the taxpayer now owns half the banks, a bit of latitude might have been nice!
November 19th, 2008 at 9:04 am
Especially in the light of the fact that Northern Rock is now responsible for a sizable proportion of repossessions.