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Competitive fixed rate mortgages released to market as discussion about BOE rate rises heats up PDF Print E-mail
Saturday, 25 July 2015

As the Governor for the Bank of England (BOE) discusses base rate rises, one building society has launched a range of competitive long term fixed rated mortgage products in a bid to help borrowers eager to lock in.

Newcastle Building Society (NBS) has launched a new portfolio of five year products that come with a range of options including no fees and incentives, which are aimed at giving first and next time buyers, as well as remortgage customers, greater mortgage choice.

One of the new products is a 2.82% fixed rate for five years (4.8% APR) with no reservation* or completion fees* this product is available with a max loan to value (LTV) of 80%.  

Alternatively there is another five-year fixed product at 2.91% (4.8% APR), again with no reservation* or completion fees* and a max LTV of 80% but this time with a free basic valuation and £300 cashback for house purchases or free legal fees for remortgage customers.

NBS has also refreshed its existing range of five year products which include products available to customers with a lower LTV of 60%; it also offers products with higher product fees with a lower overall rate.

Steve Urwin, Managing Director Sales and Marketing, Newcastle Building Society said: “Mr Carney recently announced that an increase to the Bank of England base rate was slowly moving closer.

“This means many borrowers – new and existing – will currently be considering what their next move should be. Knowing this, we have looked at what the marketplace needs and launched a range of products in response to this.

“The five-year fixed rate deal offers them the reassurance of knowing their monthly payments won’t change at a time when the Bank of England base rate no doubt will. While there is the option to receive free valuation fees if they need to make upfront savings, there’s also the opportunity to opt for the lower rated product.”

Two further five year products also launched include a 2.74% (4.9% APR) , max LTV of 80% and come with fees. Alternatively, there is a 2.65% (4.9% APR), with a max LTV of 60% with fees. Or a higher rate of 2.73% (4.7% APR) is available at a max LTV of 60% but it comes with no reservation* or completion fees* helping again to make upfront house move savings.

(Source - NBS Press Release)  

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