Charcol offers exclusive two-year discount

Mortgage and independent financial adviser Charcol is offering an exclusive, market-leading two-year penalty-free discount rate mortgage, with a current payable rate of 3.59% (5.3% APR), available up to 85% loan to value.

The product enables borrowers to take full advantage of the current low interest rate environment, whilst having the option of switching without penalty to a fixed or capped rate should interest rates or their personal circumstances change. The deal is available with a minimum loan size of £70,000.

Ray Boulger, senior technical manager at Charcol, says: “This loan offers a phenomenal pay rate of just 3.59%, making it market-leading on headline rate alone. However, with no redemption penalties borrowers also have complete freedom to switch to a new deal at any time. It seems likely that rates will continue to hover around the 4% mark for most of next year and we wouldn&#39t at this stage rule out a cut or a rise.

“Certainly, economic indicators point towards rates not rising substantially for some time to come, making the margin on this deal particularly attractive. But with no lock in, borrowers on this deal win on both counts. ”