The mortgage from John Charcol tracks 0.51 per cent below the base rate for two years.
The trade off for the low pay rate is a high arrangement fee of £1,499. There is also a booking fee of £75 to pay. An early repayment penalty of 5 per cent of the loan is charged during the two-year deal period.
Ray Boulger, senior technical manager at John Charcol, comments: “This deal is so good for larger loans that base rate would have to go above 5.25 per cent for it to be more expensive than the best two-year fixes.”
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