Newcastle Intermediaries cuts five-year fixed rates

Newcastle Intermediaries has announced cuts of up to 0.70 per cent on a selection of its five-year fixed rate mortgage products.

Specifically, five-year fixes at 90 per cent LTV are have been reduced from 3.45 per cent to 2.95 per cent, commanding fees of £498 and featuring a 10 per cent overpayment facility per year. The products also include ERC of 5 per cent, progressing downwards to 1 percent in 2024.

The fee-free version of this product has received a cut too, down from 3.62 per cent to 2.95 per cent, and featuring £500 cashback or free legal fees if used to remortgage.

Recently, Newcastle cut rates on its high LTV two- and five-year fixed products by up to 40 per cent in some cases.

Newcastle head of mortgage distribution Steve Carruthers says: “We’re starting 2019 as we mean to go on, with a market responsive range that meets the needs of home buyers.

“With the prospect of further rate rises along with the uncertainty of Brexit, borrowers are moving towards longer term fixed rates, which is why we’ve refreshed all of our residential mortgage range with a strong focus on the five-year fixes to give these borrowers peace of mind.”

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