Wednesday 2nd August 2006
A leading mortgage provider has launched a new tracker deal for large mortgages.
John Charcol has unveiled the new deal for mortgages over £200,000.
As speculation grows that interest rates could be set to rise over the coming months, many consumers will be wary of opting for a tracker mortgage.
However, this offer tracks 0.51 per cent the Bank of Englands base rate for its first two years, meaning interest rates will have to rise by extraordinary levels for consumers to lose out.
"This deal is so good for the larger loans that base rate would have to go above 5.25 per cent for it to be more expensive than the best two year fixes," explained Ray Boulger, the senior technical manager at John Charcol.
"The larger the loan the more value this mortgage delivers and there is no limit to the maximum loan size."
Although the arrangement fee is a hefty £1,499, this is more than made up through the savings to be had.
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