2 November 2005
John Charcol, the mortgage provider, has launched a new lifetime-tracker housing loan that can be taken out online.
The service has no early repayment charges and its rate matches that of the Bank of England, with the addition of 0.19 per cent – thus meaning that it currently stands at 4.69 per cent.
Also included is a facility whereby customers can change to a fixed repayment rate at any point, without fear of penalty.
Ray Boulger, spokesman for Charcolonline, said: "The inclusion of a drop-lock facility, allowing borrowers to transfer into a fixed rate at any point for any reason provides the icing on the cake.
"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."
The maximum loan that can be taken out amounts to 85 per cent of the property in question's value.
Charcolonline, the company's internet purchasing service, was launched in 1999 and helps clients to arrange mortgages, loans, credit cards and insurance.
Compare all UK personal loans at uSwitch.com and find the one to suit your needs.
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