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Lifetime tracker mortgages: why have they disappeared?
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Isn't the definition of the Base rate that it is the rate at which lenders can borrow money from the Central Bank if they need to?
Yes overnight to balance their books. The BOE uses other measures to provide banks with longer term liquidity. None of this is lifetime though. All a preset duration. Where upon the money has to be repaid.0 -
Seeing all lenders offering 2-year trackers, and only two banks (Barclays and Satander) offering lifetime ones, makes me think there might have been some regulation issue that I missed.
More likely a market that other lenders have no wish to enter currently. As they already have sufficient legacy business that's costing them money.0
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