The flexibility that goes hand in hand with a tracker rate is tempting a growing number of borrowers to take the risk, with mform.co.uk urging consumers to plump for this option.
It currently believes that 42 out of the 200 best value two-year mortgage products are lifetime trackers, rising to 64 out of the 200 best value five-year products.
Furthermore, mform.co.uk has singled out 27 lenders from the 90 in the market as offering lifetime trackers with low fees and redemption charges, including Coventry Building Society, the Co-op Bank and Lloyds TSB.
In addition, Chesham and Cambridge Building Societies do not charge a fee for application.
Product-wise, Francis Ghiloni, the firm's marketing a business development director, pointed borrowers towards Leek Building Society’s two-year 5.74 per cent tracker with application fees of £195 and an ERC of £125, and N&P's five-year 5.74 per cent tracker with fees of £899 and £160 respectively.
