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Ulster Bank tracking way for lenders

THE decision by Ulster Bank to allow people with tracker mortgages to carry the tracker rate with them to a new home is a very positive and radical move.

The offer will allow a home owner to transfer the outstanding balance of their tracker mortgage to their new home and to finance the rest of the purchase price with a mortgage at an agreed rate.

Although the decision will not give the tracker rate for the new sum they borrow, it is still to be welcomed.

It will also allow those in negative equity to move home and keep their tracker.

Any proposal which moves the stagnant house market and alleviates the fear of taking on a new loan has got to be applauded.

Perhaps now the bailed-out banks could follow Ulster Bank's lead and offer a similar product to their customers.