Consumers looking to borrow against their property through a remortgage could benefit from a new product announced by John Charcol.
The lender has announced a new 4.45 per cent fixed-rate remortgage with a steady rate until the end of December 2008, which comes with a £999 arrangement fee and John Charcol exclusive fee of £75.
The maximum loan-to-value is 75 per cent and it is subject to a minimum loan of £100,000, up to a maximum of £1.5 million.
A free valuation is included for properties that are valued up to £2 million and there is free legal work included for borrowers based in England and Wales.
Interest is calculated on a daily basis through the remortgage and an early repayment charge (ERC) of two per cent is applicable (one per cent up to fixed-rate term ending), although ten per cent of the loan can be paid each year, ERC free.
"With the bank rate rise in August, and the distinct possibility of another next month, many borrowers are keen to fix the rate on their home loans," said Ray Boulger of John Charcol.
"For those with average size loans, the chance to fix their mortgage at a market-leading rate with a fee of under £1,000 has been a pipe dream for a few months, with only those who have jumbo mortgages offered the lowest rates," he added, noting this new account could solve this problem for many consumers.To read more about remortgaging, click here.
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