A new 10 year mortgage is launched by Newcastle BS.
The Newcastle Building Society has announced the launch of a market leading 10 fix available for up to 80% LTV.
This new 10 year mortgage is available at 4.49% fixed until 2024. If you are interested in a longer term fix then is product is well worth a review, as there is no early repayment charge after the first five years.
For many the concern about fixing for an extended period is what would happen if you want to move house to remortgage to a new deal? With no ERC after 5 years, you'll have no penalty to pay if you want to move on and change deals.
However you will need to consider what the financial impact will be if you want to move earlier, however this would probably be the case if you were going for a 5 year deal.
The lender advises that this long term mortgage is an ideal product for those who are concerned about interest and mortgage rate increases. It offers the opportunity to lock in longer term and penalty free after 5 years with a rate that is competitive.
However 10 years is long time, and so if you would like advice to work out if this deal is best suited to your circumstances or if you would like to find out if this is a competitive rate for the LTV, speak to an adviser at Deal Direct.
We can make a review of your circumstances before we make a product comparison to find the best mortgage for your needs. We review all products market-wide on a 'like for like' basis to ensure you end up with the best deal overall.
For a low rate mortgage call an adviser today,
on 0800 048 8828.
