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Charcol says fixed and discounted mortgage will help first-time buyers

Charcol is offering an exclusive one-year fixed-rate mortgage which switches to a stepped discount for the remaining term of the loan.

Funded by West Bromwich Building Society, the loan is fixed at 4.49 per cent for the first year before reverting to a discount of 0.75 per cent on the lender&#39s variable rate, currently 5.95 per cent, for the next two years.

Following this period, the loan is discounted at 0.5 per cent until the end of the mortgage term, giving a current rate of 5.45 per cent.

The maximum loan to value is 95 per cent, with no mortgage indemnity guarantee charge.

Charcol is offering free valuations on properties up to £200,000 and £200 cashback.

Borrowers must pay a 3 per cent redemption charge if the loan is redeemed in the first two years.

Senior technical manager Ray Boulger says: “This mortgage offers particularly good value for borrowers who want a 95 per cent mortgage and is likely to appeal to first-time buyers who are struggling to get a foot on the property ladder.

“It has a competitive initial fixed rate to help with budgeting during the first year of the mortgage, which tends to be the most expensive time.”

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