Newcastle launches 10-year mortgage
Newcastle Building Society Intermediary Services launched the product, which is fixed at 4.49% (5.2% APR) until 30 June 2024.
The Newcastle said the “product is ideal for those that want the comfort of fixed mortgage payments, in an environment when there is regular talk of interest rate rises.”
The Confederation of British Industry forecasted yesterday that interest rates will start to rise in the first 3 months of next year.
Steven Marks, corporate development executive, NBS said: “This is an ideal time for us to offer a ten-year mortgage.
“Commentators are discussing not if rates will rise but when so we think many borrowers will be looking to fix in the longer term, protecting themselves against these rises.
“However, we also wanted to offer flexibility to our borrowers knowing that in five years their circumstances could change.
“So, the mortgage is perhaps even more adaptable given there are no ERCs incurred after this date.”
The product is available through Legal & General, Openwork, PINK, First Complete, Intrinsic, Tenet, Positive Solutions and Brilliant Solutions, Sesame and TMA.