View more on these topics

Borrowers can fix rate at any time in Charcol tracker deal

John Charcol has introduced a three-year tracker mortgage which features a drop-lock option allowing clients to move to a fixed rate almost instantaneously.

The exclusive product is funded by Scarborough Building Society and the initial borrowing rate starts at 4.69 per cent.

Borrowers can move to any of Scarborough’s fixed-rate deals at any time without additional cost. The society currently has a three-year fixed-rate deal at 4.49 per cent.

There are no early repayment charges on the tracker product. and borrowers can make overpayments, underpayments or take a payment holiday.

Remortgagers are offered a refunded valuation fee of up to 405 and free legals or cashback of 325.

The maximum loan to value is 90 per cent.

Senior technical manager Ray Boulger says: “This will particularly suit borrowers who need a new mortgage now and who like the idea of having a fixed rate but would prefer to take one when they consider the time is right, rather than when they happen to need a new mortgage.”

London & Country head of communications David Hollingworth says: “Charcol is keen on drop-locks. There have been various forms of these deals in the past. What the customer has to be aware of is that you would choose from a range of Scarborough’s fixed rates and you would have to make sure that these are competitive.”


FSA warns multi-ties are ignoring TCF principles

The FSA is concerned that firms are rushing out multi-tie propositions and selecting panel members with scant regard to its treating customers fairly principles. A recent FSA report found firms could not demonstrate that they had taken TCF into account when setting up multi-tie arms and that operational issues often took precedence over meeting customers’ […]

CTF investors opting for cash

Over 70 per cent of Child trust fund vouchers accounts opened are invested in cash, according to the Building Societies Association.Since launch, the eight BSA members offering cash and stakeholder options have opened around 270,000 CTF accounts with 70 per cent opting for cash.Net receipts of over 12m were taken into cash accounts in June […]

Buy to lets boosted 15 per cent by 2006

The buy to let sector will be boosted by 15 per cent in 2006 as a result of the rules allowing residential property to be included in a Sipp says UCB Home Loans. UCB believes the additional business will result in 3bn to 5bn being spent on rental property next year.Managing director Keith Astill says: […]

Equitable slashes negligence claim

Equitable Life yesterday dropped a substantial part of its negligence claim against its former auditor Ernst & Young slashing the damages sought by 1.3bn. The society told the high court it was abandoning the “lost sale” claim- that Equitable could have sold its business for a higher price had E&Y made it aware of its […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment