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Lender says...

Lender says...

Newcastle Building Society has launched 20 new mortgage products with rates starting from 5.65 per cent.

The range includes fee-paying and fee-free options, with fee-based products requiring just £598.

There are 14 new fixed rate deals on offer including two, three and five-year fixed rate products, as well as four discount tracker rates and two offset-only deals.

Four of the fixed rate deals are also available in offset and non-offset options.

The products include a two-year fixed rate at 6.2 per cent until 31 October 2010. The product has no completion or reservation fee and a maximum loan-to-value of 75 per cent.

There is an early repayment charge of 3 per cent within the fixed rate period. The product is also available at 6.5 per cent with a maximum LTV of 85 per cent.

There is also an offset tracker mortgage at Bank of England base rate plus 1.3 per cent (current rate 6.30 per cent).

The product has a £499 completion fee and a £99 reservation fee and is available up to 75 per cent LTV.

There is no early repayment charge. The product includes a free standard valuation on properties up to £500,000 and free legal fees for remortgages or £200 cashback for remortgages in Scotland.

There is also a £99 reservation fee. The maximum loan-to-value is 75 per cent.

Stuart Fearn, head of product development for Newcastle Building Society, said: "We are delighted to announce the launch of the society's new mortgage product offering. With a wide selection of fee and fee-free deals ranging from fixed rate to discount and tracker products there are numerous options for borrowers to choose from."

Adviser says...

Phil Cole, an adviser for Shropshire-based Pi Financial Dixon Sutcliffe & Co, said: "It is always encouraging to see lenders lowering rates and even better to see good rates with realistic and, in my opinion, fair fees.

"These carefully chosen and priced products seam rather competitive in the lower loan-to-value, prime market.

"This is good and positive to see rates coming down for the consumer who is aware of them, fits criteria, understands the mortgage market and process an needs no advice.

"It would be even more encouraging if these products were available through intermediaries so that more consumers could be aware of the product and be better protected with some advice."

Rating: 4/5 stars