Borrowers with only a modest deposit are likely to welcome the news that Newcastle Building Society has introduced a new two-year fixed mortgage deal to its range, earning an 'outstanding' rating and a coveted place on the charts thanks to its competitiveness.
This deal has a rate of 3.59% fixed until 31.5.18, the lowest fixed rate currently offered in its sector. It is available at a loan-to-value (LTV) of 95% and has a low fee of £199.
This mortgage is available to all borrowers with a modest deposit of just 5%. There is no incentive package accompanying this deal, but borrowers can take advantage of the opportunity to make regular or lump sum overpayments in order to reduce their mortgage balance.
First-time buyers who are looking for a competitive and cost-effective fixed rate deal are likely to pay considerable interest to this newcomer, which boasts an attractive rate, a low fee and the flexibility to make overpayments. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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