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Bank of Ireland revealed today that 62% of its 161,000 mortgage accounts are on tracker rates.
Many on tracker mortgages have seen monthly interest payments fall from £1,000 to as little as £100.
However, research from Moneyfact.co.uk has found that while 285 savings accounts cut their rates in August, Halifax and Nationwide have defied the Bank's rate cut on tracker mortgages.
Adrian Coles, director general of the BSA, said: "This reduction in the bank rate will provide some support to the housing market and especially borrowers on tracker rates.
"Many borrowers on tracker rates are likely to benefit from a reduction in Bank rate," says the Council of Mortgage Lenders.
Many will still benefit from any cut, with an estimated 4 million people on tracker mortgage deals likely to see another sharp fall in their monthly payments.
Similar(49)
It turned out that the ease of the job all came down to whether you were "on-tracker".
He stopped short of a hike in interest rates to defend the pound, which would have hit millions of households on tracker-style mortgages.
Banks are paying 5% or more for finance and won't see returns on trackers for years.
At Cheltenham & Gloucester, for example, there were customers on trackers 1.01 percentage points below the base rate, while Halifax had offered a deal of base rate minus 0.52 percentage points.
And surprise, surprise: Viewers are tuning in, according to a new on-demand tracker.
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