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Tracker mortgages 'increase in popularity'
08 April 2008
The number of homeowners opting for tracker mortgages rose in February, according to the Council of Mortgage Lenders (CML).
According to the group, the number of borrowers choosing a tracker rose by two per cent on the previous month to 35 per cent.
This represents an increase of 21 per cent on February 2007, according to the CML's data.
Fixed-rates by contrast have seen a decline in popularity, with the number of people opting for this type of loan at its lowest in more than three years in February 2008.
CML director general Michael Coogan said: "The trend away from fixed-rate products continues as expectations of further Bank base rate reductions, probably starting this week, have increased."
In general, mortgage lending was down in February due in part to tighter criteria being set by banks and building societies.
Today, Abbey became the latest mortgage provider to withdraw its range of 100 per cent loans, leaving even more first-time buyers struggling to get a foot on the property ladder. 
