New product is available up to 80% LTV
Newcastle Intermediaries has launched a new 10-year fixed rate mortgage product for homebuyers looking for extended payment certainty.
At an initial rate of 2.99% (3.3% APRC) for 10 years, the product is available up to 80% LTV and has a product fee of £999.
An early repayment charge applies at 5% until August 2028, 4% until August 2029, 3% until August 2030, 2% until August 2031, and 1% until August 2032.
The 10-year fixed rate is aimed at borrowers looking for peace of mind from a long-term fix. 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 Intermediaries, said the new product is in response to changing market trends, and was launched in order to meet the diverse requirements of 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,” Di Pietro said.
