Newcastle launches five-year fixed rate

Newcastle has added to its mortgage range with the launch of a five-year fixedrate mortgage at a rate of 5.05% until January 31, 2012.

The product offers 95% LTV and a free standard valuation for remortgages worth up to £410 or a £250 cashback and is not subject to any higher lending charges up to 90% LTV.

The mortgage offers a minimum loan of £15,000 and a maximum loan of £500,000.

Steve Urwin, senior executive marketing and new media at Newcastle, says: “Given the uncertainties over potential base rate rises over the coming months we are very pleased to be expanding our product range and offering our customers a leading fixed rate mortgage deal.

“This product offers buyers the opportunity to fix their repayments for five years with the certainty that there will be no change; regardless of Bank of England decisions. With a choice of a free valuation up to £410, or £250 cashback, this mortgage is suitable for most borrowers, whether they are remortgaging or first time buyers looking for as much financial help as possible”