Mortgages  

Newcastle and Aldermore launch new mortgage products

Newcastle and Aldermore launch new mortgage products

Newcastle Building Society Intermediary Services and Aldermore Bank have both brought new products to the market today (21 April).

Newcastle’s two new five-year fixed rate products have been introduced to its panel of brokers in response to demand from borrowers looking to lock in lower repayments for a longer period.

The first product has a rate of 2.60 per cent with a £199 reservation fee and £800 completion fee, while the second product is fixed at 2.69 per cent, but with no product fees.

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Both rates are fixed until the end of July 2021 and are available with a maximum loan-to-value of 80 per cent.

Steve Carruthers, head of mortgage distribution at the building society’s intermediary arm, said: “We continue to find fixed rate products are still very popular with borrowers, who prefer the comfort of knowing their mortgage payments won’t change, while the prospect of a base rate rise remains questionable.”

Meanwhile, Aldermore has launched a new limited edition two year-fixed residential owner occupied product.

The new rates are 3.38 per cent on the two-year fixed rate to 75 per cent LTV and 3.68 per cent on the two-year fix to 80 per cent LTV.

The deals are available immediately for both purchase and remortgages, with a completion fee of £999.

Charles Haresnape, Aldermore’s group managing director for mortgages, said low interest rates and positive affordability continue to drive a healthy level of demand within the housing market.

He stated that last year saw lending levels at their highest since 2007, up seven per cent on 2014, whilst remortgage activity was up 11 per cent.

“Our new two year fixed-rate, available for both purchase and remortgage, is great for homeowners looking ahead and planning for any possible rate rises,” Mr Haresnape said.

peter.walker@ft.com