Newcastle Building Society launches new 90% mortgage

Date:Monday 22nd February 2010
Author: Max Freedman

Newcastle Building Society has announced it is launching new 90 per cent loan-to-value (LTV) mortgages for first-time buyers.

Individuals looking to get on to the property ladder can now apply for either a two-year fixed-rate or a base rate tracker product with the institution.

Those who choose to access the fixed-rate product will enjoy interest of 5.95 per cent, which is fixed until March 31st 2012.

Alternatively, those who wish to take advantage of the high LTV can take out the tracker product, which has a rate of 4.6 per cent.

The loan adds the Bank of England base rate, which currently stands at 0.5 per cent, to a rate of 4.1 per cent.

Newcastle Building Society has advised those interested in taking out the mortgage to get in touch to discuss how much money they would need to purchase a property and how they could pay it back.

A standard variable rate product is also on offer from the institution with a 75 per cent LTV and an initial rate of 5.99 per cent for new customers.