* Bank Base Rate +0.49% for term - current pay rate 5.24%, 5.4% APR
* Also available at Bank Base Rate +0.19% - current pay rate of 4.94%,
5.1% APR - without offset
In addition, the exclusive also offers borrowers the option to take an offset facility alongside their mortgage and has no early redemption penalties.
Elliott Nathan, product development manager at Charcol, comments: "These mortgage are offered at market-leading lifetime rates and the inclusion of the drop-lock facility, allowing borrowers to transfer into a fixed rate at any point for any reason, makes them quite exceptional deals. It offers borrowers a simple process to switch onto a fixed rate at any time they feel
is more appropriate to their needs, or just because they consider a fixed rate offers better value. If a great fixed rate becomes available or borrowers are worried about interest rates increasing, they have a tailor-made solution. They can switch into an offset or non-offset fix and if they choose the offset fix there will be no further fees to pay."
Key Features
Feature BBR+0.19% - 4.94% BBR+0.49% - 5.24%
The overall cost for comparison 5.2% APR 5.4% APR
Maximum LTV 85% 85%
Minimum Loan £150,000 £150,000
Higher Lending Charge None None
ERC's None None
Lender Fee £449 £449
Nathan continues, "A key feature of any lifetime tracker is what flexibility it provides a borrower. Many borrowers who opt for a long-term deal will want the freedom to manage their mortgage to its full potential and the offset deal has all the flexible features needed to provide that freedom - overpayments, underpayments, payment holidays and a drawdown facility that also provides access to overpayments. A unique feature is the option to
link not only savings and current accounts to the mortgage but to connect two mortgages to the savings and current account. Borrowers who simply want no early repayment charges (ERCs) or the option to overpay ERC free, and therefore do not need the extra flexibility provided by the offset facility, can choose the cheaper rate of BBR+0.19%. Because the rate differential
between these products and many short-term trackers and discounts is so small even borrowers looking for a short-term deal should consider these products."
"The above rates are available for both purchasers and remortgagers for loans of £150,000 and above. However, in addition, remortgage only options with a free valuation and free legals are available, for loans of £100,000 and above, at slightly higher lifetime rates - BBR+0.24% without offset and
BBR+0.59% with."
