John Charcol step tracker launched

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John Charcol step tracker launched

A new John Charcol step tracker mortgage has been launched today to help first-time buyers get a step on the property ladder.

The new stepped tracker mortgage will offer a starting rate of 4.49 per cent and is completely free of higher lending charges up to 95 per cent loan-to-value.

There is a drop lock facility on the John Charcol step tracker should borrowers decide to opt for the security of a fixed-rate mortgage.

Ray Boulger, senior technical manager at John Charcol, said: "With an average rate of 4.69 per cent across the two years it would still be up with the best deals, but we have added the stepped element to provide first time buyers with the bit of leeway that is often needed."

First-time buyers have previously tended to take on a fixed rate-mortgage, but these are increasing out of range so tracker mortgages are becoming more attractive for many according to Mr Boulger.

The John Charcol step tracker offer comes as many first-time buyers are struggling to get onto the property ladder and lenders increasingly have to compete for custom.

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