Rate fixed at 9.75%

NATIONAL COUNTIES' tiered loan has a fixed rate of 9.75 per cent until 1 September 1993, rising to 9.95 per cent until September the following year. Borrowers can opt to have the 9.95 per cent fix extended to September 1995 if they want.

The deal is available on loans of pounds 15,000 or more, up to a maximum of 90 per cent of the purchase price. Borrowers pay a pounds 200 arrangement fee and must take out either buildings, contents or payment protection insurance.

Halifax and Nationwide Anglia offer the most attractive variable rate mortgages. Abbey National has become less attractive following its decision to take away some of its first-time buyer discounts.

John Charcol's own cap-and-collar mortgage limits the rise and fall on the interest rate for three years. The payments start at 9.95 per cent, a discount of 0.75 for the first six months. If interest rates are unchanged payments will then go up to 10.7 per cent.