Newcastle BS cuts rate on 95% mortgage

In a bid to support the housing market further, Newcastle Building Society has launched a 95% LTV product at a rate of 5.59% (APR 6.1%), which is a cut from the previous rate.

Related topics:  Mortgages
Amy Loddington
11th November 2013
Mortgages

In addition, it no longer has an Early Repayment Charge, which makes the product even more attractive to those borrowers whose circumstances may change as it allows them to redeem penalty-free or make overpayments.

It also comes with no completion fee and free standard valuation and legal fees.

The product will be made available through Legal & General, Openwork, Sesame, PINK, TMA, First Complete, Intrinsic, Positive Solutions and Brilliant Solutions.

Steven Marks, Corporate Development Executive for NBS, said:

“This reduction in the rate of our 95% LTV product demonstrates how NBS is committed to supporting borrowers as it provides an opportunity for those with a smaller deposit to access a competitive mortgage product.

“Additionally, the no ERC feature gives more flexibility to a person if their circumstances change.”
 

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