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Mortgage seekers 'looking for trackers'

04 February 2010

Those looking to take out a mortgage are now increasingly likely to take a tracker deal, it has been stated.

Figures from Legal & General have revealed a large rise in the market share of such deals, which made up 43 per cent of the total in the fourth quarter of 2009.

This was in comparison with 17 per cent in the previous three months.

Director of housing at Legal & General Stephen Smith said: "There has been a distinct shift towards tracker rates, most likely because fixed rates are looking relatively expensive and because fears of imminent base rate rises are receding."

However, he noted, fixed-rate deals have started to fall in recent weeks, which may change the picture when the next set of quarterly figures emerge.

Last week, head of mortgages at Barclays Andy Gray said that the cost of mortgages was lower overall last year due to the reduction in base rates to 0.5 per cent.

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