Newcastle Building Society: 5-year mortgage
Wednesday, 28, Oct 2009 01:05
Newcastle Building Society is throwing the spotlight on its five-year fixed-rate mortgage for homebuyers with a 25 per cent deposit.
It is promoting the five-year loan, which has a rate of 4.99 per cent, as the Council of Mortgage Lenders (CML) reports a rise in house purchase lending in August.
The building society said its mortgage was aimed at homebuyers requiring a competitive rate with a maximum loan to value (LTV) of 75 per cent.
Wendy Lee, commercial director at Newcastle, said: "Five-year fixed-rate deals are scarce at the moment, and with the added security of locking in at this rate for a five-year period it is certainly being well received – maintaining its best buy position."
The rate is on offer to new and existing customers. It comes with an £895 completion fee, £99 reservation fee and is available via branches or by phone.
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