• Market leading 5-year fixed rate at 4.8% (6.1%APR)
• Can be mixed with market-leading lifetime offset tracker with initial pay rate of 4.65% (5.4%APR)
Charcol is offering a mix and match mortgage which combines the best five-year fixed rate with a market-leading lifetime offset tracker, providing borrowers with great flexibility when choosing how to structure their mortgage.
Ray Boulger, senior technical manager at Charcol comments: "The 4.8% fixed rate is the clear market-leader in the five-year fixed rate stakes, and is in fact cheaper than many two and three-year fixes currently available. In addition, this mortgage also offers the option to mix and match with a market-leading lifetime offset tracker.
"The mix and match feature allows borrowers to benefit from the security of the market leading five-year fixed rate, but still optimise the use of their savings by choosing to have part of their mortgage on the offset tracker to obtain maximum flexibility. The mix and match facility is optional and borrowers can choose to have the whole mortgage on either the fixed rate or the offset tracker. If borrowers do opt to mix and match, they have complete freedom to split the fixed and offset tracker parts in whatever proportion they like, although this cannot be changed after completion."
Only one arrangement fee is payable and the fixed rate element of the mortgage allows up to £499 per month to be repaid with no early repayment charges. The offset savings account can be operated by phone, over the internet or in any branch of the lender, Newcastle Building Society.
Boulger continues, "One other feature of this deal is the Family Offset facility, which allows family members to use their savings to reduce the interest paid on the mortgage. This facility is particularly useful for parents wishing to help their children reduce their monthly mortgage payments."
