Newcastle Building Society Best Buy two-year fixed mortgage launched

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Newcastle Building Society Best Buy two-year fixed mortgage launched

Mon 30th Oct 2006

Newcastle Building Society has announced two new mortgage products that it hopes will help consumers feel more "comfortable".

While the new three-year stepped discount mortgage offers annual reductions from three per cent to one per cent up against its current standard variable rate (SVR) until 2010, Newcastle Building Society's Best Buy two-year fixed mortgage delivers a rate of 1.8 per cent interest until 2009.

Thereafter it converts to an SVR with tie-ins until 2013, leading Newcastle Building Society to claim that it is central to broadening its mortgage packages and providing a wide variety of services to customers.

Steve Urwin, senior marketing executive at Newcastle Building Society, said: "The new stepped discount product offers a convenient low introductory rate to help keep mortgage payments down in the early years and does not include any extended tie in.

"The new Best Buy two-year fixed mortgage offers a similar break from higher rates, hopefully leaving more to spend on other costs such as home improvements, furnishings or decorating."

Mr Urwin claims that the new mortgages provide a range of products that consumers can tailor to their financial situation and can "comfortably repay".