HSBC, First Direct and C&G withdraw tracker mortgages

HSBC (LON:HSBA), Cheltenham & Gloucester and First Direct have said they are withdrawing or making changes to their tracker mortgage rates ahead of the Bank of England decision on Thursday.

Lloyds TSB mortgage arm C&G have said it will be taking all off its trackers deals off of the market Wednesday night according to the mortgage brokerage London & Country. C&G will announce new tracker mortgage deals next week.

Over the last few months, lenders have withdrawn their tracker products ahead of the Bank of England’s decision on rate cuts, this allowing them to increase the margin above the base rate, the move has now become and trend with most lenders, with HSBC increasing its lifetime tracker to 1.95 percent over base from 1.64 percent over base yesterday.

Source: Telegraph

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