Newcastle Building Society 90% fixed rate Mortgage rate without early repayment charge and low set up costs
The Newcastle fixed rate without early repayment charge and low set up costs could be the solution for applicants who want set payments without being tied in. The 90% fixed rate Mortgage product needs just a 10% deposit and offers a free valuation and £300 cashback (purchases only). As well as conventional properties; new build houses are also considered.
Initial Rate: 3.99% Subsequent:5.99% The overall cost for comparison is 5.8%
- Features: Fixed until 31/12/2016. £300 cashback on purchases.
- Minimum deposit / equity: 10%
- Valuation fee: FREE
- Other main lender fees: Arrangement fee £199
- Early repayment charges: Nill
MY PRODUCT COMMENTS: I often speak to first time buyers who want to buy to get out of the rental trap. At the same time they want to move again shortly after. This lends itself towards products without main early repayment charges. What is different about this product is it is a fixed rate and normally only tracker products are available without penalty charges. The same rule of thumb also applies to for incentives such as free valuation and cashback.
MY LENDER COMMENTS: Newcastle Building Society is service tends to be slow but they get positive results. They also offer one of the most favourable affordability assessments around.
For more information on our range of 90% fixed rate Mortgage products please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 8/10/14. The overall cost for comparison is based on a property value of £250,000 over a 25 year term. Repayment for Residential and Interest only for Buy-to-let. The product is based on a property in England (but may also be available in other countries). Eligibility will depend on your own personal circumstances.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
For full details about the information on this page please read our product research and disclaimer wording.
Your Home is at Risk if you do not keep up with your mortgage repayments.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.