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Newcastle BS brings out 10-year fixed rate product

  • 13/04/2022
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Newcastle BS brings out 10-year fixed rate product
Newcastle Building Society has added a 10-year fixed rate mortgage product aimed at homebuyers looking for “extended payment certainty”.

The product has a rate of 2.99 per cent for 10 years and is available up to 80 per cent loan to value (LTV). It is also subject to a product fee of £999.

It comes with early repayment charges of five per cent until 2028, which then falls one per cent annually until 2032.

The product is eligible for purchase and remortgage, providing access to loans of up to £1m.

Overpayments of 10 per cent are also permitted.

Franco Di Pietro, head of intermediary mortgages at Newcastle BS (pictured), said that it was “ready to respond to changing market trends” to meet the diverse needs of brokers and clients.

He explained: “In the current rate environment and with the rising cost of living, our 10-year fixed rate offers brokers and their clients an option for those who may want or need to plan ahead and value the payment stability and peace of mind that an extended fixed rate provides.”

A PR spokesperson said that this the only 10-year fixed rate in the mutual’s range and it is the first it has launched in a few years. They added that Newcastle BS had been “seeing increased consumer demand for longer-term fixes in a rising rate environment”.

According to Moneyfacts, the number of 10-year fixed rates on the market has fluctuated over the past year, going from 114 in April last year to a peak of 180 in February this year. It has since then steadily fallen to around 115 to date.


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