Monday 27 February 2017

Charlie Weston: Joke is on homeowners as tracker loans haunt banks

Charlie Weston

Charlie Weston

ANYONE who has been on the top deck of a double-decker bus will probably have experienced some joker announcing to all and sundry: "I don't know what a tracker mortgage is."

The wag is mimicking the now infamous advert funded by the Financial Regulator that encouraged homeowners to take out a tracker mortgage.

For those who took the advice of the advert and opted for a tracker, the joke is now on the banks and building societies as they are losing money hand over fist on these home-loan products.

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