Newcastle Intermediaries has launched a new mortgage that gives borrowers the chance to fix their interest rate without committing to a long-term deal.
The three-year fixed rate is set at 1.99% until 31 July 2019, then the standard variable rate of 5.99% kicks in for the remainder of the term. It is available at a maximum loan-to-value (LTV) of 80%.
The reservation fee is £199 and there is a completion fee of £499.
Steve Carruthers, head of mortgage distribution for Newcastle Intermediaries, said: “Three-year fixed rate mortgages have increased in popularity. They combine current competitive lending rates with the reassurance that mortgage payments will be fixed for the period. House buying or remortgaging used to involve a choice between a better rate or the certainty of a fixed product. Being able to combine the benefits of both is good news for borrowers.”
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