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Newcastle launches 10-year fixed product

Newcastle has launched a 10-year fixed product with a rate of 5.99% until February 27 2014.

The product offers borrowers a bi-annual opportunity to redeem their mortgage without penalty. Customers can redeem for free in December 2005 and then every two years until 2013.

Robert Hollinshead, chief executive of Newcastle, says: “Although there is much speculation at present about forthcoming interest rate rises, it is impossible to tell where the base rate will be in 10 years&#39 time. Our mortgage is designed specifically for this situation to give people the best of both worlds – the security of a fixed rate as well as a get-out clause.”

The mortgage has a completion fee from £345 and interest is calculated on a daily basis.


Commercial First launches products in Scotland

Commercial First Mortgages has announced plans to launch its products in Scotland with immediate effect. Commercial First&#39s products are specifically designed for small to medium-sized business borrowers. The move into Scotland means intermediaries will have access to a range of commercial mortgage products starting with an interest rate of 3.75% above Barclay&#39s base rate. Stephen […]

Firms deny pulling deals due to media frenzy

The Mortgage Business and Bristol & West have both denied that the withdrawal of their 90% LTV self-cert products is a result of the media furore surrounding the market. Brokers see the move as a clear sign of lenders reacting to accusations of mis-selling levelled at the market in The Money Programme. But TMB tells […]

Optoma to seek principal status

Optoma InterPartners has announced its intention to become a principal status firm. Andrew Seymour, chairman of Optoma InterPartners, says: “We will provide our appointed representatives with the freedom and flexibility to allow them to develop their business, not inhibit it.” Optoma InterPartners says it will provide its appointed representatives with a business structure providing seamless […]

CML calls for tax breaks on equity release deals

The Council of Mortgage Lenders has criticised the government for failing to introduce tax breaks for equity release products. Speaking at the Mortgage Business Expo yeaterday, Jackie Bennett, senior policy adviser at the CML, highlighted the need for tax breaks on equity release products used for home improvements.


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