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 a £199 reservation fee and £800 completion fee, available at a maximum loan-to-value (LTV) 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 the rate is the lowest seen on the comparison site to date for borrowers with a 20 per cent deposit over a three-year fixed term.
Danny Matthews, Cirencester-based broker and founder of Advisers Edge, said: “Middle-of-the-road fixed 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
