View more on these topics

Tracker borrowers set for “inevitable” payment shock

A debt solution website has warned that home owners currently on rock bottom tracker deals will face severe payment shock when their deals expire.

Terry Balfour, director of IVA.com, argues that even the low fixed rate deals currently available cannot compare to the savings afforded by cheap tracker rates.

He says: “Unfortunately nothing lasts forever and when borrowers come to the end of their current tracker deals there is little hope that they will be offered anything that comes close.

“It may seem harsh to disturb the relative peace that a lot of home owners are currently enjoying but the fact is that this situation is temporary and it will come to and end.”

“Those who don’t face the future and plan ahead are in for a nasty and inevitable shock.”

Balfour suggests that borrowers should start saving now in order to cushion themselves for when their deals expire.

Recommended

L&G forms trading alliance with Mortgage Times

Legal & General can lay claim to a 15% share of the mortgage market as it formalises a trading partner-ship with the UK’s biggest mortgage network Mortgage Times today.

Chelsea reports a loss before tax of £39.3m

Chelsea Building Society made a loss before tax of £39.3m for 2008 as it emerges as the latest mutual to shoulder the costs of the Icelandic banking crisis.

We must return to basic underwriting

Amid the recriminations and buck passing of recent weeks, little attention has been paid to the lessons that need to be learnt from the mess we are in.

In Focus Ebola cover - thumbnail

White paper — In Focus: Ebola Virus Disease

Jelf Employee Benefits focuses on Ebola Virus Disease (EVD) and what this means for businesses with operations in West Africa. This will be of particular interest to those with employees either travelling to, or living within, West Africa, the area affected by the most catastrophic outbreak of Ebola to date.

Newsletter

News and expert analysis straight to your inbox

Sign up