Newcastle Building Society Intermediary Services has reduced the rate of its 5-year fixed rate 95 per cent loan-to-value mortgage product to 5.69 per cent, which equates to an annual percentage rate of 6.1 per cent.
The product is designed for first time buyers that want to get onto the property ladder. It also comes with no completion fee but has a £199 reservation fee which is non-refundable.
Meanwhile, the society has launched a 2-year deal for those not wanting to be tied in for a longer period. It is available at a rate of 5.49 per cent (annual percentage rate of 6.1 per cent).
The product has no early repayment charges, which makes it a flexible option for borrowers who believe their circumstances may change in the future and would like to review their rate without incurring charges.
These products are available through Newcastle’s’ key accounts including Legal and General, Openwork, Pink, First Complete, Intrinsic, Positive Solutions and Brilliant Solutions, Sesame and TMA.
Steven Marks, corporate development executive, said: “We know first time buyers need as much help as they can so by reducing our rate we’re attempting to help as many as them as possible.
“We believe this will be welcomed by our brokers too as the lower rate will help reduce their clients’ monthly payments and the low fees means money can be saved at the costly move stage.”