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Millions fear mortgage rate rise

Will other lenders follow Bank or Ireland’s lead and push up rates on tracker mortgages?

Millions of home owners who have tracker mortgage deals could see their monthly repayments soar if other lenders follow the Bank of Ireland’s lead.

About three quarters of a million home owners now pay interest at just 2.5pc on their Nationwide mortgage, as the building society has guaranteed that this rate will never be more than two percentage points above the Bank Rate – making it effectively Britain’s largest tracker deal.

Read the complete article at The Telegraph here.

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