Newcastle Building Society has reduced rates across its interest-only range by up to 0.25 per cent.
Examples of the cuts include a five-year fixed rate now available at 5.55 per cent. It is subject to early repayment charges (ERC) starting at five per cent then falling one per cent a year.
The lender’s two-year fixed rate is priced at 5.85 per cent, with ERCs of two per cent in the first year then one per cent in the second.
Both products are available up to 75 per cent loan to value (LTV) with an additional five per cent LTV able to be secured on a repayment basis.
They both come with a £1,499 product fee, and offer an overpayment facility of 10 per cent each year plus additional monthly overpayments of £499.99.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “Following the rises to the Bank of England base rate we have experienced growing demand for Interest Only products, signalling that more borrowers are exploring the option to ease affordability issues.
“That’s why we are enhancing our offering by reducing rates across our range of products, including Interest Only, and offering a range of fee options, as we look for ways to better support our broker partners and their clients.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
