Newcastle Intermediaries has introduced two fee-free remortgage products, offering homeowners the option, of £750 cashback or free standard legal fees.
Both products offer a two-year fixed rate: 1.90% (5.0% APR) is available at 60% LTV and for those home owners who need a higher LTV, a fixed rate of 1.99% (5.0% APR) is available at 80% LTV.
They come with free standard valuation, 10% overpayments per annum and either free standard legal fees or £750 cashback. Early repayment charges apply with 2% payable until 30/09/21 and 1% until 30/09/22.
John Truswell (pictured), head of intermediary mortgages at the Newcastle Building Society, said: “With the housing market slowing down significantly due to the restrictions imposed around the coronavirus outbreak, we’re seeing some buyers and sellers forced to put their plans on hold. However, markets have moved to support an increase in remortgage queries as existing borrowers search for competitive deals upon maturity to take advantage of historically low rates.
“Now more than ever, homeowners want their money to go further and we want to give them flexibility and a potential opportunity to reduce their monthly mortgage payments. That’s why we’re pleased to launch these fee-free remortgage products with a choice of either free legal fees or £750 cashback, and we’re confident they represent a competitive option for a range of remortgages.”