Newcastle Building Society (NBS) has launched a new five-year fixed rate mortgage at 3.99%.
It is available up to 80% LTV and is fixed until 31 December 2017.
It comes with a £800 completion fee (which can be added to the loan) and £195 reservation fee (payable upfront and non refundable).
The minimum and maximum loan amount are £10,000 and £1,000,000 respectively.
It has 5%, 4%, 3%, 2%, 1% early repayment charge of amount repaid if redeemed before 31 December 2017
“Five year fixed rates are a good option for those borrowers that prefer to adopt a ‘safety first’ approach to their mortgage,” said Steve Urwin, NBS’s sales and marketing executive.
“Many people like to know what their payments will be every month and that their rate won’t increase over a certain period.
“Perhaps, like many, they don’t have the flexibility in their monthly household budget so a product such as this is important to have in our range so we can try to help them where possible.
“Also, our deal has a very competitive interest rate over the medium-term to new borrowers, as well as remortgage customers, so we expect it to prove attractive to a wide range of customers.”