Newcastle Building Society offers five year fixed rate mortgage deal

The Newcastle Building Society has introduced a five-year fixed-rate mortgage with a very competitive interest rate.

They are offering a rate of 5.05 per cent that is fixed until January 31st 2012. This particular mortgage product offers customers the opportunity to take advantage of a minimum loan of £15,000 that rises to a maximum of £500,000.

Along with Newcastle Building Society’s five-year fixed-rate mortgage comes the offer of a free valuation up to the value of £410 or the choice of £250 cashback. Furthermore they offer 95 per cent loan to value.

A spokesperson for the Building Society confirms they are delighted to be able to offer this fixed rate mortgage deal enabling buyers the opportunity to fix their payments for 5 years, assured in the knowledge that there will be no change whatsoever regardless of Bank of England decisions.

After the five years, i.e. after January 31st 2012, the Newcastle Building Society five-year fixed-rate mortgage’s rate will change to a variable rate which currently stands at 6.82 per cent, making the overall price for comparison 6.5 per cent APR.