Newcastle Intermediaries launches 1.99% 3-year fix

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Newcastle Intermediaries is introducing a residential three-year fixed product at 1.99 per cent, up to 80 per cent LTV.

The fixed rate will run until 31 July 2019, and then Newcastle’s standard variable rate of 5.99 per cent for the rest of the term.

A statement from the broker arm of Newcastle Building Society says the product has a £199 reservation fee and the ability to add the £499 completion fee to the loan.

Newcastle Intermediaries head of mortgage distribution Steve Carruthers says: “Three year fixed rate mortgages have increased in popularity.

“They combine current competitive lending rates with the reassurance that mortgage payments will be fixed for the period.

“House buying or remortgaging used to involve a choice between a better rate, or the certainty of a fixed product. Being able to combine the benefits of both is good news for borrowers.”