Two new low fee fixed rate mortgage products aimed at first time buyers have been launched by the Newcastle Building Society.
Both products are available at a loan to value (LTV) of up to 90%. One is a two year deal at 3.99% (5.8% APR) and comes with free standard valuation and legal fees with no early repayment charges.
Additionally, the Society has launched a five-year fixed rate product at 4.69% (5.6% APR), again it comes with free standard valuation and legal fees.
Steve Urwin, sales and marketing executive at NBS, said: “The products offer a fixed rate on both a two and five year term allowing customers to fix over their preferred period, which is ideal in particular for first time buyers as it provides them with the security of knowing what their payments are in a rising interest rate environment.
“Both products offer low fees, a free standard valuation and free legal fees for re-mortgages (in England & Wales only) or a cashback alternative for house purchases in Scotland & Northern Ireland so there are some upfront savings to be made too.
“There has been a pick-up in the housing market this year, largely thanks to more competitive mortgage products on the market. However, it still remains key we support first time buyers as they create a lot of this movement; with these products we believe we continue to give them competitive options.”