Newcastle Building Society five-year fixed-rate mortgage launched

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www.moneynews.co.uk > Mortgages > Newcastle Building Society five-year fixed-rate mortgage launched

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Newcastle Building Society five-year fixed-rate mortgage launched

The Newcastle Building Society five-year fixed-rate mortgage has been introduced with an interest rate that is a market leader, according to price comparison company Moneyfacts.

With a rate of 5.05 per cent that is fixed until January 31st 2012, the mortgage product offers customers the opportunity to take advantage of a minimum loan of £15,000 that rises to a maximum of £500,000.

A free valuation up to the value of £410 or the choice of £250 cashback is provided by the Newcastle Building Society five-year fixed-rate mortgage as well as 95 per cent loan to value.

Steve Urwin, senior executive in marketing and new media at Newcastle Building Society, remarked: "Given the uncertainties over potential base rate rises over the coming months we are very pleased to be expanding our product range and offering our customers a leading fixed rate mortgage deal.

"This product offers buyers the opportunity to fix their repayments for five years with the certainty that there will be no change, regardless of Bank of England decisions."

After January 31st 2012, the Newcastle Building Society five-year fixed-rate mortgage's rate will change to a variable rate which currently stands at 6.82 per cent, making the overall price for comparison 6.5 per cent APR.

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