Newcastle launches “lowest rate” 10-year fixes

Newcastle Building Society has announced the launch of two 10-year fixed rate mortgage products.

The products are a 90 per cent LTV 10-year fix at 2.89 per cent and a 80 per cent LTV 10-year fix at 2.85 per cent.

According to financial product data provider Moneyfacts, the former offering is now the lowest rate in the sector for a 10-year fix at 90 per cent LTV.

Both products allow borrowers to repay their mortgage after five years without a penalty.

This is not the first time Newcastle has launched a significantly competitive mortgage product; the lender launched a 95 per cent LTV product last week, which it claimed was the lowest rate in the sector for this product type.

Moneyfacts finance expert Rachel Springall says: “Today, Newcastle Building Society has launched two 10-year fixed rate mortgages… these deals also allow borrowers to repay their mortgage after five years without penalty, whereas many other lenders apply a redemption charge up to the end of the 10-year term.

“A decade-long fixed rate mortgage is no doubt a big commitment, so borrowers must feel confident that their circumstances are unlikely to change to avoid the expense of refinancing earlier than expected.”

Recommended

buy-to-let

Average rents rose 1.9% in July: Hamptons

The average rental price of a newly let property in Great Britain rose by 1.9 per cent in July to reach £982 per month, according to data collected by Hamptons. Scotland saw the greatest increase in rental growth, rising by 5.2 per cent. This was followed by the South West at 4.7 per cent. Meanwhile, […]

Pensions - thumbnail

Financial advice can benefit customers by £40,000

New research shows those customers who receive financial advice can be better off on average by £40,000 We’ve sponsored a research project with the International Longevity Centre – UK (ILC-UK) to produce ‘The Value of Financial Advice’ report. This independent research demonstrates that customers who take financial advice can, on average, be £40,000 better off than those […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now