Tracker transparency praised by lender

Advisers should be recommending transparent products such as tracker mortgages, according to Eddie Smith, director of business at specialist lender Verso. He believes they offer more transparency in contrast to the dual variable rates offered by some lenders. Smith said: 'The practice of charging new customers a lower variable rate than those on capped rates, or coming off fixes was endemic among the mainstream lenders and, despite the Ombudsman ruling against the practice, many of them continue to do so. 'There are plenty of totally transparent products on the market, such as base rate...