Newcastle Intermediaries has launched a 10-year interest only mortgage product to increase long-term borrowing options.
The 10-year interest only fixed rate at 3.55% (3.7% APRC) comes with early repayment charges of 5% until 31.08.2028, 4% 31.08.2029, 3% until 31.08.2030, 2% until 31.08.2031 and 1% until 31.08.2032.
Available at up to 80% LTV, this product is available on house purchases and re-mortgages up to £1m, comes with a £999 completion fee and offers the flexibility of 10% overpayments per annum.
Franco Di Pietro (pictured), head of Intermediary mortgages at Newcastle Building Society, said: “We’re committed to ensuring our mortgage products reflect the complete range of borrowers’ requirements, no matter what stage of homeownership they may be at.
“That’s why we’ve launched our 10-year interest only fixed rate, which complements our existing range to provide longer-term payment security and greater choice.
“Our 10-year interest only fixed rate has already received a positive reception in the market, and as we continue to keep a close eye on emerging trends we look forward to developing the best possible solutions for brokers and their clients.”
