Newcastle Building Society has launched a new portfolio of mortgages, including a three-year fix below 2%.
The three-year fixed rate product offers a rate of 1.88% (5.0% APR) with £199 reservation fee and £800 completion fee and is available at a maximum loan to value (LTV) of 80%.
Rachel Springall, finance expert at Moneyfacts.co.uk, said: “At a time when mortgage rates grow increasingly competitive, it’s fantastic to see Newcastle Building Society offering a market-leading three-year fixed deal. At 1.88%, it becomes the lowest rate ever seen on Moneyfacts.co.uk records for borrowers with a 20% deposit over a three-year fixed term.”
Steve Carruthers, head of mortgage distribution at Newcastle Building Society, said: “This product offers a fantastic rate in the current market allowing both home-movers and re-mortgage customers the opportunity to fix their rate for three years.”
There is an early repayment charge of 3% until 31 December 2017, 2% until 31 December 2018 and 1% until 31 December 2019.
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