A new lifetime tracker mortgage is being offered by Charcol, with interest set at 0.14 per cent above Bank of England base rate.
This means consumers would currently pay just 4.89 per cent or 5.2 per cent APR.
Elliot Nathan, product development manager of Charcol, commented: "To put it simply, this is the market leading lifetime tracker on the market today. At Bank of England base rate + 0.14 per cent it has the cheapest rate currently available for a lifetime tracker and the early repayment charge only applies for the first two years.
"A key feature of any lifetime tracker are the flexible facilities it provides. When opting for a long-term deal borrowers need to have the freedom to manage their mortgage to its full potential," he added.
Consumers can take out a loan at this rate for up to 90 per cent of the value of the property. It also carries a £499 lender's fee and a booking fee of £75.To find out about some of the best mortgage deals on the net, click here.
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