Newcastle Intermediaries introduces 10 year fixed rate with 5 year Early Repayment Option

14 August 2019

Newcastle Intermediaries has launched two market leading (source: Moneyfacts.co.uk) 10 year fixed rate mortgages which have an early repayment charge for the first five years only.

The first 10 year fix at 2.85% (4.00%APRC) until 31.10.2029 is available with a max LTV of 80%, fees of £999 and 10% overpayments per annum.

The second, available at a max LTV of 90%, is fixed at 2.89% (4.00%APRC) until 31.10.2029 and comes with fees of £999 and 10% overpayments per annum.

Both of these products only have an early repayment charge of 5% until 31.10.2024.

Ben Smith, head of product development at Newcastle Building Society, said: “As consumers are looking to longer term fixed rates in the current interest rate environment we are pleased of launch a range of 10 year options. As well as offering a very competitive rate, customers have the added benefit of no early repayment penalty after 5 years giving the flexibility of a 5 year product with the guaranteed rate of a 10 year.”

Rachel Springall, finance expert at Moneyfacts, said: “These new 10-year fixed rate mortgages from Newcastle Building Society are competitively priced and will likely attract borrowers looking to safeguard their monthly mortgage repayments over the longer-term. The 90% loan-to-value offer, priced at 2.89%, is a market-leading rate in its sector, and both this option and the deal at 80% loan-to-value at 2.85% allow borrowers to repay their mortgage after five-years without penalty. As with any mortgage, it’s important for borrowers to work out the true cost of any deal before they commit.”

All product details and the full range of available products can be found at www.newcastleis.co.uk.