Newcastle launches fee-free remortgage deals

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Newcastle Intermediaries has launched two fee-free remortgage deals with the option of cashback or free standard legal fee.

Newcastle commits to supporting this market. They have created a very competitive range of products to further support borrower’s re-mortgaging needs.

The deals are for the:

  •  Borrowers only requiring 60% loan-to-value(LTV) it is offering a two-year fixed-rate at 1.9%.
  •  Homeowners requiring a higher LTV(loan-to-value) of up to 80% can fix for two years at 1.99%.

Both deals come with a free basic mortgage valuation, no product fees and 10% overpayments per annum. Moreover, borrowers can choose between £750 cashback or free standard legal work.

The fee-free remortgage deals also include early repayment charges of 2% until September 2021 and 1% until September 2022.

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Newcastle Building Society head of intermediary mortgages John Truswell says: “With the housing market slowing down significantly due to the restrictions imposed around the coronavirus outbreak, we are seeing some buyers and sellers forced to put their plans on hold.”

“However, markets have moved to support an increase in remortgage queries as existing borrowers search for competitive deals upon maturity to take advantage of historically low rates.”

He also added Newcastle want to give homeowners flexibility and a potential opportunity to reduce their monthly mortgage payments.

 

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