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Newcastle launches ‘Switch and Fix’ mortgage deal

31st August 2011 Print

Newcastle Building Society has launched an innovative new mortgage product that aims to support borrowers stuck debating between the comfort of a fixed rate mortgage deal and the lower rates associated with base rate tracker products.

The Newcastle’s Switch and Fix mortgage product is set at the Bank Base Rate + 3.59% (APR 5.9%) and cleverly allows the borrower to switch to any of the Society’s fixed rate mortgage products, during the tracker period, without incurring an early repayment charge.

The two year deal is available up to 80% LTV and is open to prospective buyers and re-mortgage customers alike.

Steve Urwin, Sales and Marketing Executive, at Newcastle Building Society said: “’Should I fix or opt for a variable rate mortgage’ is currently perhaps the most common question borrowers are asking themselves.

“The economy in the UK is currently set against a backdrop of global concern over Euro debts and falling stock markets, which causes uncertainty. So, it’s important for lenders to understand this and the mindset borrowers may be in.

“Our ‘best of both worlds’ product offers excellent flexibility to customers in this uncertain climate and will appeal to many customers who remain undecided as to fix their rate or not.”

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