Product category:
Mortgages / Housing
News Release from: John Charcol | Subject: Mortgage
Edited by the Insidemoneytalk Editorial
Team on 23 August 2007
Charcol launches "simple to switch"
tracker
Market leading lifetime tracker with none of the fees*
Current rate of 0.17 over bank rate up to 80% LTV (6.0% APR) Current rate of 0.28 over bank Rate up to 95% LTV (6.1% APR) Charcol.co.uk has launched a market leading "simple-to-switch" tracker for borrowers who don't want to pay remortgage fees every few years It has no arrangement fee, no exit fee, free valuation and legals for remortgages, no Early Repayment Charges (ERCs) and no Higher Lending Charge (HLC)
This article was originally published on Insidemoneytalk on 9 Mar 2007 at 8.00am (UK)
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Katie Tucker, product specialist for Charcol.co.uk, comments: "This product is ideal for borrowers who want to remortgage now without the fuss or the fees, and for those who never want to pay a fee again, it tracks the Bank rate at a competitive level for the whole term of the mortgage, there is no Early Repayment Charge at any time and there isn't even an exit fee.
"For borrowing up to 95% the 0.28 over base tracker is exceptional value as the Higher Lending Charge, is totally waived.
Those lenders who charge HLC the equivalent of around 1.6% of the loan for 95% loans*, so this product saves a borrower with ?150,000 loan a fee in the region of £2,500.
Further reading
Rise of plus size mortgages should mean costs come down
Commenting on the news today that more and more homebuyers are taking out 100 per cent mortgages, Ray Boulger, senior technical manager at independent mortgage broker John Charcol, said:
Ray Boulger comments on the launch of Nationwide's new 25 year fixed rate mortgage
Commenting on the launch of Nationwide's new 25 year fixed rate mortgage, Ray Boulger, Senior Technical Manager at independent mortgage broker John Charcol, said:
This is a great product for borrowers who are thinking of capital raising equity out of their property, or equally as good for first time buyers wanting a 95% loan and a tracker they are not tied in to." Key features Up to 80% LTV: Bank Rate +0.17 for the term so pay rate currently 5.92% (overall cost for comparison is 6.0% APR)Up to 95% LTV: Bank rate +0.28 for the term so pay rate currently 6.03%(overall cost for comparison is 6.1% APR) Flexibility: allowing overpayments, underpayments, and payment holidays.
No Arrangement fee No Higher Lending Charge Available to First Time Buyers Available for purchase and remortgage For remortgages free valuation and free legals Tucker continues, "Tracker rates are the hot favourite now the market looks as though Bank rate is near its peak, and this is the market leading whole-term tracker.
Fixed rates have yet to reduce to levels that offer a competitive alternative for the mid-risk borrower, so a product such as this tracker with no ERCs is ideal: borrowers can take advantage of any potential rate drops in the next year, whilst always being free to exit should they wish to." "The product is available to purchasers with no Arrangement fee, no HLC, no exit fee and no ERC, but it is on remortgages that these two mortgages really represent excellent value for money because of the free legals and refund on valuation." Borrowers should contact 0800 358 55 60, or visit www.charcol.co.uk.
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