Newcastle Building Society has launched a new low-fee competitively rated mortgage product.
The new 3.43 per cent fixed-rate product is available up to a loan-to-value ratio of 80 per cent. The society says it’s ideal if a borrower is looking to re-mortgage their home.
It comes with a low reservation fee and no completion fee up to £500,000. The five-year term means you can secure your repayments against any potential future interest rate rises.
Steve Urwin, sales and marketing executive at the Newcastle, says:
“We’re finding in the market that fixed rated products, particularly five-year ones, are becoming even more popular as talk of an interest rate rise goes on.
“Our new product is good as it is a competitive rate but comes with low fees, which helps to keep the move costs down.”
Product Details:
– 3.43 per cent fixed rate until 31 December 2019, followed by the Standard Variable Rate for the remainder of the term, currently 5.99 per cent
– The overall cost for comparison is 5.1 per cent Annual Percentage Rate
– £199 reservation fee (payable upfront and is non refundable)
– No completion fee (where the loan exceeds £500,000 the completion fee will be 0.30 per cent of the advance amount)
– Maximum loan-to-value 80 per cent (inclusive of any fees added to the loan)
– Minimum loan £10,000 and maximum loan £1,000,000
– Early repayment charges apply on the amount repaid before 31 December 2019 on a decreasing annual basis of 5 per cent, 4 per cent, 3 per cent, 2 per cent and 1 per cent.
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