John Charcol Two-Year Fixed-Rate mortgage launched

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www.moneynews.co.uk > Mortgages > John Charcol Two-Year Fixed-Rate mortgage launched

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John Charcol Two-Year Fixed-Rate mortgage launched

A John Charcol Two-Year Fixed-Rate mortgage has been introduced today with an interest rate of 3.99 per cent fixed until June 30th 2008.

On this date the interest level will revert to the Bank of England base rate plus 1.99 per cent – this is currently 6.49 per cent.

The company claims that the mortgage – which is available to customers wishing to borrow £500,000 or more up to a loan to value of 75 per cent – offers a rate that is 0.25 per cent better than the next best two-year fixed deal.

Early repayment charges of five per cent apply during the fixed-rate period, although customers can overpay ten per cent per year without charge and use these amounts to take payment holidays or make underpayments if required.

The John Charcol Two-Year Fixed-Rate mortgage has an arrangement fee of 0.25 per cent that can be added to the loan and an exclusive company fee of £75.

Ray Boulger, senior technical manager at John Charcol, said: "Although in cash terms the arrangement fee on this deal is relatively high the interest rate is so low that the facts speak for themselves."

There is no maximum loan amount on the mortgage, which has a current exit fee of £195.

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