Ray Boulger, senior technical manager at John Charcol, commented: “When offsetting was introduced, the premium for such a facility was well over half a per cent on your rate, making it very much the privilege of those with a large savings balance. With this product, the gap between rates has vanished and for large loans you are receiving the offset facility as a freebie. Even with a larger than average fee of £2,499, the mortgage is still tremendous value for those with large loans and is the best in the market for deals above £300,000. 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.”
Other Key Features
· Minimum loan is £200,001
· Maximum loan is £5m
· Maximum LTV is 85% up to £2m and 75% up to £5m
· Early Repayment Charge of 5% in 2 years – ERC free part repayments allowed
· John Charcol exclusive fee of £75
Boulger continued “There is an early repayment charge within the term of the discounted period, but borrowers can make unlimited part repayments and unlimited payments can be made into either the savings or current account linked to the mortgage. Put simply, for anyone with a loan of £300,000 and above, and who is looking for a variable deal, this offers unequalled value.”
