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John Charcol launches lifetime tracker mortgage

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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.

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