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|Newcastle Building Society Launch Unique ‘All In One’ Fee Free Product for House Purchase|
|Monday, 19 October 2015|
A leading building society has launched a unique mortgage product that offers the added benefits of both no fees and no hassle.
Newcastle Building Society’s (NBS) ‘All In One’ product aims to ease what is recognised as a stressful and expensive part of the home purchase situation by launching a mortgage product that covers all set-up fees including legal fees on both remortgages and house purchases.
The size of standard conveyance fees can often take home buyers by surprise adding unexpected cost into the financing element of Home Ownership. The Society has reviewed the typical legal costs incurred by the borrower and has designed a product which covers all of these costs developing a unique proposition for new house purchase and an extension to its current remortgage product range.
Alongside no legal fees* the new product also includes no valuation fees** and product fees have been scrapped too, these fees can add a hefty amount onto the initial cost of moving home or re-mortgaging.
The ‘All In One’ product aims to help customers budget better by taking care of all the setting up costs of taking out a mortgage but also deliver a value for money and competitive rate of interest.
Also as part of the ‘All In One’ product, we will instruct one of NBS’ approved Solicitors on the borrowers’ behalf to arrange completion of your purchase or remortgage - taking away all the hassle and speeding up the process on the way.
The product offers a 2.59% (5.4% APR) two year fixed rate which is available up to a maximum of 80% loan to value (LTV).
Product Development Manager, Ben Smith, Newcastle Building Society, said: “Buying a home is probably the biggest purchase anyone will ever make so as a lender it’s important we help to make this as easy as possible for borrowers.
“We understand what borrowers want from their mortgage; a competitive rate is important but also they want to understand at a glance what the costs will be to them so there are no surprises.
“That’s why we’ve called our new addition to the range the ‘All In One’ because it covers all the customers legal, valuation and products fees whilst also taking care of the hassle of instructing a solicitors to carry out the conveyancing. All they have to think about is the monthly payments which in themselves can have quite an impact on finances.”
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