Data released last week by Moneyfacts.co.uk, a financial comparison Web site, showed 31 providers had publicized changes to their standard variable rates (SVRs) following a cut in interest rates.
Tracker mortgages, which carry a variable rate linked to underlying public interest rate typically dictated by the Bank of England, are being touted by some mortgage brokers as being a better value than their fixed-rate counterparts.
Despite attempts by the Financial Services Authority (FSA) to press lenders to make their remortgaging fees more transparent, research conducted by mform.co.uk (a mortgage authority Web site), has revealed the average cost of leaving your lender is still approximately £150 - and seldom made abundantly clear prior to the finalization of the paper work.