This gives a current rate of 4.89 per cent and an overall cost for comparison of 5.2 per cent APR.
Key Features
* Bank Base + 0.14% for the term of the loan, current rate 4.89%
* Overall cost for comparison is 5.2% APR
* Maximum LTV: 90%
* No Higher Lending Charge
* Early Repayment Charge (ERC): 5/4% in 2 years
* Unlimited ERC free part repayments permitted
* Lender’s fee: £499
* Charcol Booking fee: £75
* All flexible features
* Interest calculated daily
Elliot Nathan, Product Development Manager of Charcol comments: "To put it simply, this is the market leading lifetime tracker on the market today. At Bank Base + 0.14% it has the cheapest rate currently available for a lifetime tracker and the ERC only applies for the first 2 years. It is such great value that it could also be considered by borrowers looking for a 2 - 5 year tracker or discount because the rate difference between this and many of the shorter term deals is so small."
"A key feature of any lifetime tracker are the flexible facilities it provides. When opting for a long-term deal borrowers need to have the freedom to manage their mortgage to its full potential. This deal has all the flexible features needed to provide that freedom allowing borrowers to overpay, underpay and take payment holidays. In addition to this it has a drawdown facility that also gives borrowers access to their overpayments and interest is calculated daily. "
