The two-year fixed rate starts at 4.29%, with a five-year mortgage offered at 5.74% with a Loan to Value of 80%.
Matthew Arena, managing director of Brilliant Solutions, said the Early Redemption Charge-free loan is offered at 4.64%, or 4.29% with an ERC
“I think the two year fixed rate with no ERC will be very popular, particularly at this time when there is so much uncertainty about where base rates are going to end up. A no ERC fixed rate provides a level of flexibility which gives clients a safe haven but they are not tied if rates do not actually increase,” said Arena.
Steven Marks, intermediary services executive at Newcastle Building Society, said: “We believe in developing products that the marketplace wants and our no-ERC is a prime example of this. More and more customers require flexibility with their mortgage product, given the low interest rates and competition in the marketplace, which was one of the main reasons we introduced this product.”