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Lender says...

Newcastle Building Society has launched a range of fixed rate mortgages.

A three-year fixed rate is available at 6.05 per cent with a reservation fee of £99 and a completion fee of £999. This product is available up to 75 per cent loan-to-value.

Also available is a five-year fixed rate product at 5.95 per cent for a completion fee of £1399. This product is also available up to 75 per cent LTV and carries a reservation fee of £99.

A 10-year fixed rate product is available up to 75 per cent LTV at a rate of 5.95 per cent. There is a completion fee of £999 and a reservation fee of £99.

These products are offered on loans between £15,000 and £500,000. Loans greater than £500,000 are subject to prior agreement. Early repayment charges apply at 3 per cent of the outstanding balance for the fixed rate term.

Steven Marks, lending and operations executive for Newcastle Building Society, said: "We are delighted to announce the launch of the society's new mortgage product offering.

"With a plethora of best buy deals available, borrowers have a healthy selection of products to choose from, especially in such difficult market conditions."

Adviser says...

Sarah Smith, mortgage associate for Birmingham-based IFA Money4Dentists, said the products were very competitive.

She said: "Newcastle obviously has some money to lend. They are excellent rates and the fees are fairly typical, £99 at the front end and then a further £999 on completion."

Rating: 4/5 stars