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John Charcol launches new offset tracker mortgage

Wed, 09 Aug 2006

Mortgage provider John Charcol has announced the launch of a new offset tracker mortgage for large loans.

The mortgage tracks at 0.51 per cent below the Bank of England base rate, which the company states is the "best clean rate on the market".

John Charcol also claims that the mortgage product is "unique", as it is a two-year tracker deal which has no premium for the offset feature.

Although the mortgage has a fee of £2,499, the company claims that it is the best mortgage available for loan over £300,000.

Ray Boulger, senior technical manager at John Charcol, comments: "Even with a larger than average fee of £2,499, the mortgage is still tremendous value for those with large loans ."

"With more and more mortgages of this size, these types of deal will become increasingly popular as people look to make their money work for them."

The minimum loan available on the deal is £200,001, while the maximum loan-to-value is 85 per cent up to £2 million, or 75 per cent up to £5 million.

The Bank of England recently raised interest rates by 0.25 per cent, which will lead to rises in payments for tracker mortgages .

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