No lock-in mortgage launched from the Newcastle

A competitive mortgage product has been launched that offers borrowers the chance to leave the deal at any time without any early repayment charges (ERC).

Newcastle Building Society launched the 4.64% (6.1APR) product as it acknowledged some borrowers require more flexibility with their mortgage.

The new product, available at a max LTV of 80%, is ideal for those who require a competitive mortgage deal at a fixed rate but who don’t want to be locked into it if interest rates change and they want to swap to a different deal.

Steve Urwin, Sales and Marketing Executive, said: “Our product has been launched for those borrowers who want the best of both worlds; certainty now with a fixed rate but the knowledge that they can leave that mortgage at any time if they need to.

“Infact, we launched a range of new products all aiming to provide greater flexibility to borrowers. This includes a fee-free deal for homebuyers who want to keep the costs down, a tracker deal for those who would prefer the flexibility of tracking the historically low BOE base rate and this product with no early repayment charges.

“We anticipate these products will prove popular with those who need a little more ‘wriggle room’ with their mortgage.”

For more information, visit newcastle.co.uk/mortgages.