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Charcolonline launches lifetime tracker with drop lock facility has launched an exclusive lifetime tracker with a drop lock facility, giving borrowers the option to drop into a fixed rate at any point during the term of their loan completely penalty-free. At a time when there is uncertainty over where interest rates will move next, the drop lock option provides the perfect addition to a leading variable rate mortgage.

Ray Boulger, senior technical manager at, says: “At Bank base rate plus 0.19% this mortgage has the lowest rate of any lifetime tracker mortgage available in the UK, coupled with a below average arrangement fee of 399. The inclusion of a drop-lock facility, allowing borrowers to transfer into a fixed rate at any point for any reason provides the icing on the cake.

This facility offers borrowers a very simple process to switch onto a fixed rate at any time they decide it is more appropriate to their needs, or simply because they decide a fixed rate offers better value. If a great fixed rate becomes available from another lender borrowers are equally free to remortgage as there are no early repayment charges on this deal.”

The above rate is available to both purchasers and remortgagers but, in addition, remortgagers can choose to have a free valuation and free legals in exchange for paying a slightly higher rate of BBR +0.24%.

Boulger adds: “With no ERCs this mortgage automatically allows unlimited overpayments without charge. It is not flexible, however, borrowers contemplating a current account mortgage, but only expecting to use the overpayment facility rather than the other features, will find the low rate on this mortgage allows them to make greater overpayments, thus redeeming their mortgage even sooner than with a current account mortgage. In addition, because the rate differential between these products and many short-term trackers and discounts is so small, even borrowers looking for a short-term deal should consider these products.”


Overcrowded homes crisis

Research from Shelter reveals that children have to share a bedroom with their parents in almost three- quarters of overcrowded homes. The report, Full House?, also says one in 10 families in cramped housing have teenagers of opposite sexes who are forced to sleep in the same room. The charity is to put pressure on […]

Government appoints three to Housing Corporation

The government has announced three new appointments to the Board of the Housing Corporation.The new members are Candy Atherton, Kate Barker and Donald Hoodless. They replace Yvonne Hutchinson, Ivan Monckton and Andrew Winckler who stepped down on September 30 2005.In addition, Shaukat Moledina, Deputy Chair, Sheila Drew Smith, Sandi O’Neill and Julie Fawcett, whose terms […]

Buy-to-let SIPP deals unveiled

Paragon Mortgages and Mortgage Trust are offering intermediaries tailor-made self invested personal pension mortgage products for buy-to-let investors. The lenders are inviting brokers to join a select panel that will introduce the range. The products come in response to a recent survey by Mortgage Trust that found 65% of mortgage intermediaries expect the introduction of […]

Derbyshire set to launch Salt on Monday

The Derbyshire is set to launch a separate stand alone brand called Salt on Monday.Offering near prime to heavy sub-prime, the products will initially only be available through a limited number of packagers, but the aim is to ultimately go direct through intermediaries.Three packagers are confirmed at the moment they include Abacus, Praxis and Pink […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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