Newcastle has launched buy-to-let products and a 10-year residential mortgage deal.
The rate on the two-year fixed-rate product, which runs to 30 April, is 2.59 per cent with a completion fee of £1,999. An early repayment charge of 3 per cent applies for two years.
The five-year deal, which is fixed to 30 April 2021, is at a rate of 3.49 per cent, with a completion fee of 2.5 per cent of the loan amount.
Early repayment charges of 5 per cent, 4 per cent, 3 per cent, 2 per cent, and 1 per cent of the amount repaid apply.
Both deals are available at a maximum loan-to-value (LTV) of 75 per cent with no reservation fee and a free standard valuation.
The products will be provided to brokers directly through The Business Mortgage Company, which Newcastle Intermediaries teamed up with in 2015 on entering the buy-to-let market.
Newcastle Building Society has also launched a 10-year mortgage deal with a fixed rate of 3.29 per cent up to a maximum LTV of 80 per cent, with no reservation or completion fees.
Charlotte Nelson, finance expert from Moneyfacts.co.uk, said: “With rumours constantly circling about the timing of a base rate rise, uncertain borrowers are starting to look for extra security from their mortgage deal, something this 3.29 per cent 10-year fixed rate mortgage from Newcastle Building Society certainly supplies.”
Jane King, mortgage consultant at London-based Ash-Ridge Asset Management, said: “The 10-year rate is not bad for a 10-year fix. It’s not for everyone – you have to be careful who you recommend it to – but otherwise it’s a good deal.”
