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Newcastle Intermediaries introduces 10-year fixed rate with five year ERC

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  • 14/08/2019
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Newcastle Intermediaries introduces 10-year fixed rate with five year ERC
Newcastle Intermediaries has launched two 10-year fixed rate mortgages both with an early repayment charge (ERC) for the first five years.

 

The first 10-year fix at 2.85 per cent is available with a maximum loan to value (LTV) of 80 per cent, fees of £999 and 10 per cent over payments each year.

The second, available at up to an LTV of 90 per cent, is fixed at 2.89 per cent until 31 October 2029 and comes with fees of £999 and 10 per cent over payments per annum.

Both products have an ERC of five per cent until 31 October 2024.

The launch is the most recent addition to the 10-year fixed market, which has now reached a record high according to data from Moneyfacts.co.uk.

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.

We have offered these products in the past, and when we have offered them, they have been successful. In the current low interest rate environment, some consumers want to have the security of a long-term fixed rate and we feel the new products we’ve launched deliver good value.

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