Newcastle Building Society launches new fixed-rates

Date:Tuesday 30th March 2010
Author: Susanna Kavka

Newcastle Building Society has introduced two new fixed-rate loans through Legal and General.

One is a two-year fixed-rate product that offers a rate of 6.25 per cent with a maximum loan-to-value (LTV) of 90 per cent, with a three per cent early repayment charge for holders.

The second deal is a five-year mortgage, which is fixed at 5.39 per cent and has a LTV limit of 80 per cent of the cost of the property.

Martyn Smith, head of mortgage products at Legal and General said: "The two year rate is closing the gap on tracker products at 90 per cent and the five year deal is very keenly priced for those looking for a stability of mortgage payments over a longer period."

Earlier this month, Legal and General launched two fixed-rate deals with Accord mortgages, which are available with a maximum loan size of £750,000 and rates from 3.34 per cent.