Newcastle launches 10-year fixed-rate mortgage
The recent rise in interest rates has encouraged speculation that they may continue to do so over the next year. This long-term fixed rate provides people with security against potential rate rises while giving the option to move should circumstances change.
The Society's new 10-year fixed rate mortgage offers borrowers a bi-annual opportunity to redeem their mortgage without penalty. If they choose, customers can redeem for free in December 2005 and then every two years until 2013.
Robert Hollinshead, Chief Executive of the Newcastle Building Society, said:
“Although there is much speculation at present about forth-coming interest rate rises, it is impossible to tell where the base rate will be in ten years time. Our 10-year fixed rate mortgage is designed specifically for this situation to give people the best of both worlds: the security of a fixed rate as well as a get-out clause”.
The 10-year fixed rate mortgage has a completion fee from £345 and interest is calculated on a daily basis.
It is available from the Newcastle's 51 branches or by calling Newcastle Direct on 0845 6064488.