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New tracker deal for first-time buyers

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Mortgage lender John Charcol has offered a new stepped tracker mortgage to first-time buyers .

The deal promises to be free of higher lending charges to 95 per cent, with a starting rate of 4.49 per cent for first-time buyers looking to find a mortgage .

For the first year of the mortgage, the interest will track at 0.01 per cent below the Bank of England base rate, rising to 0.39 per cent above in the second year.

The mortgage also features a drop-lock facility, so that buyers are able to change it to a fixed-rate mortgage if they wish.

However there is an arrangement fee of �495, with an exclusive fee of �75.

Ray Boulger, senior technical manager at John Charcol, comments: 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.

For someone with a repayment mortgage of �100,000 over 25 years this means that they would pay �550 a month in the first year and �575 in year two.

Recently Britannia launched a new tracker mortgage for first-time buyers to celebrate its 150th anniversary, which will track at 0.24 per cent above the base rate.

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