Newcastle Intermediaries has unveiled a new 10-year fixed rate mortgage product aimed at homebuyers “looking for extended payment certainty”.
With an initial rate of 2.99% for 10 years, the product is available up to 80% LTV and has product fee of £999.
An early repayment charge applies at 5% until 31/08/28, 4% until 31/08/29, 3% until 31/08/30, 2% until 31/08/31 and 1% until 31/08/32.
It is available on loans up to £1 million for both house purchase and remortgage and offers overpayments of up to 10% annually.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society said: “We’re always ready to respond to changing market trends in order to meet the diverse requirements of our brokers and their clients.
“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.”