Newcastle Building Society has removed Early Repayment Charges (ERCs) from three of its mortgage products.
Among them, the 2.68 per cent (5.6 per cent APR) two-year product is available at a maximum of 80 per cent loan-to-value (LTV), while the 2.54 per cent (5.5 per cent APR) two-year fixed rate product comes with a maximum LTV of 60 per cent. Both are suited to those looking to remortgage or perhaps with a larger deposit to purchase their home.
With no early repayment charges attached to either product it means borrowers have the flexibility to move home or repay their mortgage without any restricting penalties.
With the reported rising interest rate environment this means customers can fix whilst rates are lower, however if their circumstances or needs change they can then can move their mortgage.
Or for those that need assistance with the costs of moving there is the 2.98 per cent (5.5 per cent APR) two-year fixed rate product, which is available at a LTV of up to 80 per cent.
Steve Urwin, sales and marketing executive, comments: “These products could offer borrowers the flexibility to overpay as much as they want or change mortgages when they would like, while offering competitive rates.
“What’s more, the fees free 80 per cent LTV product allows upfront savings and helps to take away some of the costs associated with remortgaging.”
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