Newcastle Building Society and Aldermore Bank have both released new mortgage products this week, as the lenders continue to respond to borrowers across the market who are looking to lock into lower repayments for a longer period of time.
Newcastle has now launched 2 new 5 year fixed rate products, which will both be fixed until the end of July 2021 and are both available with a maximum loan to value (LTV) of 80%. The first product comes with a rate of 2.6%, a £199 reservation fee and a £800 completion fee, while the second is fixed at 2.69% with no product fees.
As fixed rates continue to prove popular with borrowers, allowing the security of unchanging mortgage payments amid the prospect of a base rate rise, Aldermore has also now launched a new limited edition 2 year fixed Residential Owner Occupied product, exclusive to the lender.
New rates for this product start at 3.38% for the 2 year fixed rate up to 75% LTV, or 3.68% for a 2 year fix up to 80% LTV. Both deals are available immediately for both purchases and remortgages, and come with a completion fee of £999.
Along with this, Aldermore recently announced how last year saw lending levels rise to their highest since 2007 for the lender, which was up by 7% on 2014 and 11% for remortgages. Following this, the new Residential Owner Occupied product is currently the lowest fixed rate to ever be released from the lender.
If that wasn’t all, Aldermore has also released another new 2 year fixed rate product this week, with a rate of 3.98% and a maximum LTV of 75%. With a maximum age of 70, this product comes with a £999 product fee, which can be added to the loan, and also allows overpayments of up to £5,000 during a 12 month period. All these products will revert to the lender’s standard variable rate (SVR) once the term has ended.