Newcastle Building Society has reduced the rate of its five-year 95 per cent loan-to-value (LTV) mortgage product.
The five year product is now at a rate of 5.69 per cent (APR 6.1 per cent) and is available to borrowers with a minimum 5 per cent deposit – ideal for first-time buyers who want to get onto the property ladder.
The Society has launched a two-year deal for those not wanting to be tied in for a longer period. It is available at a rate of 5.49 per cent (APR 6.1 per cent). This product has no Early Repayment Charges, making it a flexible option for borrowers who believe their circumstances may change in the future and would like to review their rate without incurring charges.
Both products come with no completion fee but have a £199 reservation fee, which is payable up front and is not refundable.
Steve Urwin, sales and marketing executive, comments:
“We’re here to help as many aspiring homeowners to purchase their first home. We all know how important it is to get a deposit in order and how the additional moving costs can soon add up.
“The lower rate will help reduce monthly payments for borrowers and the low fees means money can be saved at the costly move stage.”
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