Newcastle fixed rate mortgage with ‘no fee’ or ‘no ERC’ options

With many experts predicting a gradual increase in the Bank of England Base Rate, those buying a home, or re-mortgaging, may be left confused about what mortgage product they should look for.

Newcastle Building Society (NBS) hopes to make this decision easier with the launch of a highly competitive fixed rate mortgage product with ‘fees free’ or ‘no early repayment charge’ (ERC) options.

The two year fixed rate product comes with a rate of 3.99% (5.9% APR) and is available with an LTV of up to 80%.

The product allows customers to choose a ‘no fees’ option if they would like to make up-front savings or decide on the ‘no ERC’ option, which could be ideal for borrowers who are unsure about future interest rate rises or feel their circumstances may change and therefore do not wish to be locked in to a product.

Steve Urwin, Sales and Marketing Executive at NBS, said: “We understand that the mortgage marketplace requires choice and flexibility especially within an uncertain climate.

“Fixed rate products are still proving popular as they give borrowers peace of mind and our product, at a competitive fixed rate, offers the flexible features that borrowers now want to allow them that little bit of extra freedom.”

Product Information:

3.99% (5.8% APR) Fixed Rate until 30th June 2013
No Completion Fee
No Reservation Fee
Max LTV 80%
3% early repayment charge until 30th June 2013

3.99% (5.9% APR) Fixed Rate until 30th June 2013
£800 Completion Fee
£195 Reservation Fee
Max LTV 80%
NO early repayment charge

For more information, visit newcastle.co.uk.