Mortgage
provider John Charcol has launched a new lifetime
tracker mortgage .
The
mortgage will track at 0.19 per cent above the
Bank of
England base rate, which is currently at 4.5 per cent.
Another feature of the mortgage is a drop lock to a
fixed-rate which the
company states will allow
buyers to keep their options open.
Furthermore, there is no arrangement fee with the mortgage and no early
repayment fee.
Ray Boulger, senior technical manager at John Charcol, comments: "This lifetime
tracker offers an ideal solution with minimal set-up costs, a market-leading rate and full flexibility.
"I believe however, that what really makes it stand out from the crowd is the ability it provides to move into a fixed-rate at any time, as we know that this is the kind of option that
borrowers are crying out for."
Price comparison expert
Moneysupermarket recently claimed that although
interest rates could possibly rise in the near future, tracker
mortgages still offer good value to potential buyers.
Louise Cuming, head of mortgages at the company states that pointers indicate that
rates are "unlikely to rise significantly" in the next two years.
