Newcastle launches two new mortgages

The Newcastle Building Society has enhanced its mortgage range with two new products, the first of which has a three-year stepped discount.

This package offers an annual sequential discount ranging from three per cent to one per cent on Newcastle’s current standard variable rate (SVR) until January 31st 2010.

Available up to 90 per cent loan-to-value, this mortgage can be taken out for loan amounts between £15,000 and £500,000.

A £450 completion fee is payable, as well as early repayment charges (ERCs) of four per cent of any outstanding balance on any repayments made before January 31st 2010.

Newcastle has also launched a two-year fixed-rate product with what it describes as a "best-buy" interest rate of 1.8 per cent until January 31st 2009, reverting to the lender’s SVR with tie-ins until 2013.

ERCs of six per cent of the outstanding balance apply before January 31st 2008. From February 1st 2008 up to January 31st 2013 ERCs ranging from seven per cent to three per cent of the outstanding balance will apply. A completion fee of £445 is also payable.

Steve Urwin, senior marketing executive at Newcastle, said: "These two new products increase the diversity of Newcastle’s mortgage range and offer customers the opportunity to choose the mortgage product that best suits them."