Newcastle launches leading 20% deposit 1.65% fixed rate mortgage

Aaron Strutt Image

Newcastle Building Society has launched an impressively low two-year fixed rate mortgage designed to attract homebuyers with a smaller deposit.

The rate is fixed at 1.65% until 31 July 2017 and available to borrowers purchasing a property with a 20% deposit. The overall cost for comparison is 5.4% APR.

After the fixed rate period the mortgage will revert to Newcastle’s standard variable rate, currently 5.99%.

This mortgage has a £1,299 arrangement fee and the maximum loan size is capped at £1,000,000. Please note, the fee increases to 0.3% of the advance for mortgages over £500,000.

Aaron Strutt, product manager at Trinity Financial, says: “Home buyers planning to get on the property ladder don’t need to have a huge deposit to qualify for a great mortgage. The lenders are still fighting hard to improve their proposition and make their rates more attractive.”

If you would like help to secure a low deposit mortgage, call Trinity on 020 7016 0790.

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