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Mortgage lender offers fixed rate for a decade
Fri, 04 Nov 2005
Newcastle Building Society has announced the launch of a new mortgage product .

The fixed rate mortgage offers a mortgage rate of 4.75 per cent over ten years.

A maximum of 90 per cent loan to value is available for customers wishing to take out the mortgage .

The mortgage lender charges a completion fee of £450 on this mortgage , as well as a redemption fee which is payable until 2016.

A number of mortgage lenders have increased their fixed mortgage rates over the last few weeks amid speculation about the next Bank of England interest rate move.

Predictions that the interest rate will be cut once more early in 2006, mortgage holders might consider remortgaging to a deal that offers a mortgage rate that tracks the Bank of England's base rate .

However, price comparison website Moneysupermarket points out that many fixed rate mortgages still offer competitive deals.

The website's head of mortgages, Louise Cuming, has urged potential mortgage borrowers to shop around for the best mortgage deal .

She also said that opting for a fixed rate mortgage is "always a better alternative" than allowing a mortgage to "languish" by paying a mortgage lender's standard variable rate.

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