John Charcol launches new lifetime tracker

07-Sep-2006

Different views among industry analysts leave first time buyers unsure as to whether interest rates will rise, fall or remain stable in the near-term, making a mortgage decision more difficult, John Charcol claims.

Aspiring homeowners may therefore be interested in the mortgage provider's new lifetime tracker product, which offers a rate pegged at 0.19 per cent above the base rate.

The loan allows first time buyers to benefit from "minimum set up costs" as it has no penalties or arrangement fees and also offers the flexibility to change to a fixed rate.

Drew Wotherspoon at John Charcol said: "Even if rates go up in November, as they are currently predicted to, they are likely to come down again next year, meaning that a tracker would make a sensible choice for many borrowers.

"And if rates don't come down again quickly, or fixed rates become more competitive, there is always the option to employ the drop lock and move across."

John Charcol has been an independent mortgage adviser since 1974.

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