John Charcol is offering people with large
mortgages the opportunity to
find a remortgage that offers a tracker
remortgage rate.
Those holding mortgages of between £300,000 and £2 million can remortgage to this deal that offers free valuation and free legal work.
The
remortgage rate will be set at 0.05 per cent below the Bank of England base rate, tracking it for two years.
Up to 90 per cent
loan to value is available on this remortgage, which the
mortgage lender's senior technical manager, Ray Boulger, believes offers "great value".
He adds that those
remortgaging from their current mortgage lender's standard variable rate could save almost £500 a month.
"The product does have a slightly above average arrangement fee of £699, but this is reflected in the very competitive interest rate," Mr Boulger says.
He says mortgage borrowers with large loans will soon make this money back through the savings they can make by remortgaging.
Up to ten per cent of the mortgage can be repaid early every year without early repayment charges being levied.
