Newcastle Intermediaries has introduced a seven-year fixed rate mortgage product in response to demand for the security of a longer-term product.
The product is priced at 3.26% (3.6% APRC) and comes with early repayment charges, starting at 5%, and decreasing by 1% per year.
The 80% loan-to-value (LTV) product is available on house purchases and remortgages up to £1m.
It also provides the option of 10% overpayments per annum as well as £500 cashback and a free standard valuation.
Newcastle Building Society national sales manager Mark Wilkinson says: “As the market evolves we are committed to providing a range of solutions that address the challenges brokers face as consumers look to remortgage or purchase a property in the coming months.”
“We are acutely aware of concerns borrowers have due to the increasing cost of living. Against a backdrop of rising costs and energy bills, our seven-year fixed rate mortgage product offers borrowers peace of mind by delivering payment certainty, as well as protection against rising interest rates,” Wilkinson adds.
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