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Mortgage lender launches drop-lock deal

Wed, 02 Nov 2005

An exclusive lifetime tracker mortgage has been launched by Charcolonline.

The mortgage rate will be set at 0.19 per cent above the Bank of England's base rate, which is the lowest lifetime tracker mortgage rate available in the UK market today.

The mortgage offers a drop-lock facility, which allows mortgage holders to drop into a fixed mortgage rate at any time without incurring a penalty.

This drop-lock option is the "icing on the cake", says senior technical manager at Charcolonline, Ray Boulger.

"This facility offers borrowers a very simple process to switch onto a fixed rate at any time they decide it is more appropriate to their needs, or simply because they decide a fixed rate offers better value," he explains.

Mortgage holders are also free to switch to another mortgage lender if they find a remortgage that offers better deal, as no early repayment charges apply.

Those who remortgage to this deal could choose a higher mortgage rate of 0.24 per cent above the base rate and then receive free valuation and legals.

Because no early repayment charges apply, mortgage holders can make unlimited overpayments.

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