This is a great opportunity to fix your mortgage repayments at what is historically a low rate.
Interest rates can change rapidly. Over the past ten years they have fluctuated between a high of 7.5% and a low of 3.5%. In 1989 the base rate was 15%. A ten-year fixed rate at 4.95% is an excellent rate and protects against any sudden rises in interest rates.
Key features:
Rate: 4.95%
Term: 10 years - until 29 April 2015
Max LTV: 90%
Completion fee: £445 - up to £500k, £1,000 - over £500k
Redemption fee: Yr 1&2 - 6%; Yr 3-6 - 5%; Yr 7&8 - 4%; Yr 9 - 3%; Yr 10 - 2%
Steve Urwin, AGM Marketing and New Media at Newcastle Building Society, said: "Currently interest rates are relatively low and, while most market analysts do not expected them to rise much this year, it is impossible to guess what the future holds. Long term fixed rate mortgages provide additional
security and enable more accurate financial planning. This is currently the best rate available for a ten-year fixed rate and as such is a great offer for anyone who wants some certainty over the coming years."
