An exclusive tracker mortgage has been launched by London &Country Mortgages (L&C).
The mortgage rate will be set at 0.04 per cent above the base rate of the Bank of England, so the initial mortgage rate is 4.54 per cent.
Remortgage customers will benefit from help with remortgage costs. People that apply for this mortgage get a refunded valuation as well as £300 cashback that can be used to cover legal costs.
According to the mortgage lender's David Hollingworth, this mortgage is ideal for people that want to keep in line with falling rates.
He noted that the decision by the Bank of England's Monetary Policy Committee to cut mortgage rates cut was widely expected.
"Whilst the fixed rates have already moved in anticipation, those looking to benefit from further cuts should be looking at base rate trackers," Mr Hollingworth suggested.
"The ability to hop out of the deal without any penalty only goes to broaden the appeal."
L&C is the only no-fee mortgage broker that supplies best buy tables for major newspapers and Teletext.
Thousands of people looking to find a mortgage turn to L&C to help them with buying a new home or to switch mortgage lender .
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