The variable rate mortgage has a current rate of 4.84%.
Rather than panic-buying and opting for a fixed rate mortgage, those desiring the flexibility of benefiting when rates are lower should be shopping around for the best current deal, say Peach, who are keeping interest rates low by selling the mortgage purely over the internet.
The Peach Base Rate Tracker Mortgage can be reduced
or redeemed, at any time, without incurring an Early Repayment Charge. The mortgage benefits are also portable and can be applied to a new mortgage with Peach, until the end of the predetermined period. The mortgage arrangement costs are free, subject to completion.
The Base Rate Tracker Mortgage facility applies on loans of up to 80% of the valuation price and the minimum loan level is £50,000. The facility is also available on remortgages.
In all cases, the mortgaged property must be used as a prime residence for domestic occupation only and the mortgaged property must be insured for a sum acceptable to Peach.
Peach's Darren Travis, says: "The British love their freedom, be that through currency independence, or by not carrying national identity cards. Fee free base rate tracker mortgages add flexibility and suit the British way of life and we are providing the cheapest version of this type of mortgage in the market today. This enables British homeowners to pay less than they will be paying right now on a fixed rate, with the advantage of knowing that if interest rates fall, they will be quids in."
