Newcastle Building Society has launched a new portfolio of mortgages, including one rated as “outstanding” by Moneyfacts.
The three year fixed rate product offers a rate of 1.88 per cent, with £199 reservation fee and £800 completion fee, available at a maximum loan-to-value of 80 per cent.
The deal reverts to a 5.99 per cent standard variable rate at the end of October 2019 and has a minimum loan of £10,000.
Moneyfacts spokeswoman Rachel Springall said at this rate, it becomes the lowest ever seen on the comparison site for borrowers with a 20 per cent deposit over a three-year fixed term.
Danny Matthews, Cirencester-based broker and founder of Advisers Edge, commented: “Middle of the road fix term, average product fee, great rate of interest, an LTV suitable for most; shame they couldn’t waive the reservation fee, but all round it pays off if the adviser is certain you can obtain it.”
peter.walker@ft.com
