Newcastle Intermediaries introduces new ten-year interest only fixed rate

14 June 2022

Newcastle Intermediaries has launched a 10-year interest only mortgage product to increase long-term borrowing options.

The 10-year interest only fixed rate at 3.55% (3.7% APRC) comes with early repayment charges of 5% until 31.08.2028, 4% 31.08.2029, 3% until 31.08.2030, 2% until 31.08.2031 and 1% until 31.08.2032.

Available at up to 80% LTV, this product is available on house purchases and re-mortgages up to £1million, comes with a £999 completion fee and offers the flexibility of 10% overpayments per annum.

Franco Di Pietro, head of Intermediary mortgages at Newcastle Building Society, said: “We’re committed to ensuring our mortgage products reflect the complete range of borrowers’ requirements, no matter what stage of homeownership they may be at. That’s why we’ve launched our 10-year interest only fixed rate, which complements our existing range to provide longer-term payment security and greater choice.

“Our 10-year interest only fixed rate has already received a positive reception in the market, and as we continue to keep a close eye on emerging trends we look forward to developing the best possible solutions for brokers and their clients.”

All lending criteria including acceptable repayment strategy and the full range of available products can be found at www.newcastleis.co.uk.