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Newcastle brings out seven-year fixed rate

  • 10/06/2022
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Newcastle brings out seven-year fixed rate
Newcastle has added a seven-year fixed rate to its product range in response to increased borrower demand for longer-term financial security.

The product is priced at 3.26 per cent and comes with early repayment charges (ERC) for the first five years for the fixed term.

The ERC starts at five per cent and then falls by one per cent per year.

It is available at 80 per cent loan to value (LTV) and is eligible for house purchase and remortgage up to £1m.

The product also allows flexible overpayments of 10 per cent per year, £500 cashback, and free standard valuation.

Mark Wilkinson (pictured), national sales manager at Newcastle Building Society, said: “As the market evolves we are committed to providing a range of solutions that address the challenges brokers face as consumers look to remortgage or purchase a property in the coming months.

“We are acutely aware of concerns borrowers have due to the increasing cost of living. Against a backdrop of rising costs and energy bills, our seven-year fixed rate mortgage product offers borrowers peace of mind by delivering payment certainty, as well as protection against rising interest rates.”

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