The two-year tracker is at Bank Base Rate -0.05 per cent to 31/03/08. Pay rate of 4.45 per cent, 6.3 per cent APR. It has a free valuation and free legals and is available up to 90 per cent loan-to-value.
Ray Boulger, senior technical manager at John Charcol, commented: “For borrowers with a loan size of more than £300,000 this mortgage offers great value. In fact, someone with a loan this size would save almost £500 a month if they remortgaged away from a typical lender’s standard variable rate*. The product does have a slightly above average arrangement fee of £699, but this is reflected in the very competitive interest rate. And, for borrowers with larger loans, the cost of arrangement will soon be recouped in the savings that they can make each month.”
Key Features
*Remortgage only
*BBR -0.05 per cent to 31/03/08. Pay rate of 4.45 per cent, 6.3 per cent APR
*Maximum of 90 per cent LTV
*Loan sizes of between £300,000 and £2 million
*£699 arrangement fee
*Free valuation and free legals
*Ability to repay 10 per cent pa Early Repayment Charge (ERC) free
*Collar may apply @2.95 per cent if Base Rate falls below 3 per cent
Boulger concluded: “With the addition of a free valuation and free legals, and the ability to repay up to 10 per cent pa ERC free, this really is a great deal for borrowers who don’t want a fixed rate and need at least £300,000.”
