End of the Tracker

Some trackers are paying 0.24% and the new SVR will be on average 4.8%.

With a client paying a rate of 0,24% over a 30 year mortgage on a val of £150,000 the client would pay £515 per month. On the new rate of 4.6% the client would pay £856. However most trackers on a £150,000 val only pay £30 per month interest; things are about to change for these people.
Over 80% of people who are on the tracker, espcially first time buyers did not make overpayments to their mortgage or place the saving into a high rate saving account! This means that over the next few months when their trackers expire they will not be able to make their payments.
It's not sure how this will affect the number of homes being repossessed and if the great banks have taken this into account when looking at their write-offs. There might be darker times ahead for the banks that where heavy underwriters of the tracker style mortgage for first time buyers.

David Kuo, director of the financial website Fool.co.uk says "when the interest rate does eventually go back up it will hit you like a rock".

Some banks are now trying to get round the rates offered by Trackers that follow bank of England rate and replacing this for their own Standard Bank Rate (SBR). This rate will be an average of all likely products. In other words the bank will be able to change the rate of your mortgage if they want some spar cash. If you are currently looking into a tracker mortgage make sure that it follows the Interest Rate (based on CPI, RPI) and not the new (made up) Standard Bank Rate.