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Newcastle BS launches new five-year fixes

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27/07/2015
Newcastle Building Society has refreshed its range of five-year fixed rate mortgage products, the lender has announced.

The new range includes fee-free options and other incentives for buyers who wish to lock in and protect themselves against future rate rises.

The North East mutual said new products include an 80% loan-to-value five-year fix which is available at a rate of 2.82% with no reservation or completion fees.

For those looking for added extras, a five-year fix at 2.91%, also no reservation or completion fees and a max LTV of 80% is on offer. This product comes with a free basic valuation and £300 cashback for house purchases or free legal fees for remortgage customers.

Other new products include a 2.65% deal for those with a 40% deposit, the lender announced.

Steve Urwin, managing director sales and marketing at Newcastle Building Society, said speculation over the base rate had increased and more people were looking to lock in.

“Mr Carney recently announced that an increase to the Bank of England base rate was slowly moving closer,” he said.

“This means many borrowers – new and existing – will currently be considering what their next move should be. Knowing this, we have looked at what the marketplace needs and launched a range of products in response to this.

“The five-year fixed rate deal offers them the reassurance of knowing their monthly payments won’t change at a time when the Bank of England base rate no doubt will. While there is the option to receive free valuation fees if they need to make upfront savings, there’s also the opportunity to opt for the lower rated product.”

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