For borrowers with mortgages between £300,000 and £2 million, John Charcol has launched a market-leading remortgage deal. The 2 year tracker has a free valuation and free legals and is available up to 90% loan-to-value.
Ray Boulger, senior technical manager at John Charcol, comments: "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% to 31/03/08. Pay rate of 4.45%, 6.3% APR
Maximum of 90% LTV
Loan sizes of between £300,000 and £2 million
£699 arrangement fee
Free valuation and free legals
Ability to repay 10% pa Early Repayment Charge (ERC) free
Collar may apply @2.95% if Base Rate falls below 3%
Boulger concludes, "With the addition of a free valuation and free legals, and the ability to repay up to 10% pa ERC free, this really is a great deal for borrowers who don’t want a fixed rate and need at least £300,000."
http://mortgages.charcolonline.co.uk/mortgages/bestbuys/buy-to-let.aspx?type=tracker
