John Charcol two-year fixed-rate mortgage launched
www.moneynews.co.uk > Mortgages > John Charcol two-year fixed-rate mortgage launched
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Money News |
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John Charcol two-year fixed-rate mortgage launched
Wed 20th Jul 2005
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The lender claims that the new product will soften the blow for borrowers "about to have the two year blues". The new mortgage offers 4.28 per cent or 5.7 per cent APR for two years, with a refunded valuation fee and free legals
The Britannia deal was the cheapest ever clean two-year fixed rate and many borrowers will feel the pinch as it comes to the end. However, John Charcol claims that, on a £100,000 repayment loan, remortgaging to its new mortgage deal will mean that monthly payments will only increase by £57.
At the end of the two-year deal, the rate for borrowers who choose the firm's exclusive will revert to Bank Base Rate + one per cent, currently 5.75 per cent.
Ray Boulger, senior technical manager at John Charcol, said: "Our shared exclusive and Halifax's 4.29 per cent rate will offer the best value in the two-year fixed rate market for nearly all borrowers.
"Our shared exclusive, funded by Alliance & Leicester, offers a refunded valuation fee on purchases, which Halifax doesn't, has an arrangement fee which is £104 lower, an extra month (until October 31st 2007) at the fixed rate and the interest rate is marginally lower. On remortgages the differences are less as both deals offer a free or refunded valuation fee and free legals."
Related News : Mortgages |
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