Mortgage broker John Charcol has launched one of the best mortgage rate deals available on a two-year fix for homeowners wishing to borrow £500,000 or more.

The rate of 3.99 per cent rate (6.3 per cent APR) is available fixed until June 30th 2008, on a loan-value ratio of up to 75 per cent.

John Charcol also boasts that the mortgage is flexible, offering the freedom to overpay by up to ten per cent a year and use the overpayment to take payment holidays or underpay.

The mortgage charges an arrangement fee of 0.25 per cent, which can be added to the loan. It also carries an exit fee penalty of £195, and an early repayment charge of five per cent within its fixed term.

“This really is easily the market-leading two-year fixed rate for loans of £500,000 and above, and there is no maximum loan,” said Ray Boulger of Charcol.

“The next two lowest two-year fixed rates, without early repayment charges after the introductory period or a high percentage fee, are at 4.35 per cent and 4.39 per cent, both with a fee of £499, so it is clear to see just how exceptional this mortgage is.”

© Adfero Ltd

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