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Newcastle Building Society - Home

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2 Year Discounted Variable Rate Mortgage - Large Loan

A discounted variable rate mortgage has an interest rate that is set a certain amount below the Society’s standard variable rate (SVR). Following a change to our SVR your mortgage payment will change too and these changes can be outside of a Bank of England Base Rate change.

Representative example

A mortgage of £1,110,300 over 26 years on an initial variable rate currently at 6.05% for 2 years followed by our standard variable rate currently at 6.94% for the remaining 24 years would require 24 monthly payments of £7,082.78 and 288 monthly payments of £7,673.64. The total amount payable would be £2,381,110.04 made up of the loan amount of £1,110,300 plus interest of £1,270,810.04 and a product fee of £1999. The representative example is for illustration only. Your actual costs and monthly payment will vary depending on your mortgage

Good to Know

  • Variable rate product over a set period of time
  • You need to be comfortable that if interest rates rise your monthly payments will subsequently increase
  • Variable rate products are usually popular in times of low or falling interest rates
  • Following a change to the Society’s SVR your mortgage payment will also change

Summary information

Interest Rates

0.89% Discount from the Society’s SVR (currently 6.94%) giving a current pay rate of 6.05% until 31st October 2026.

Maturity Date

31 October 2026

Maximum Loan to Value (LTV)

80%

Loan Amount

£500,001 - £1,000,000

Daily Interest Calculation

Interest is calculated on the balance of your account at the end of each day. Interest is accrued daily and added to your account balance on the last day of every month. Every cleared payment that is made reduces the mortgage balance and interest is recalculated on the reduced balance.

Minimum Term

2 Years

Reservation Fee

0

Completion Fee

1,999

Incentives

10% overpayments per annum

Early Repayment Charge

1% of balance outstanding until 31st October 2026.

Apply for a mortgage today

We know how important it is for you to get the right mortgage deal. So whether you're buying your first home, moving house or looking to re-mortgage we have the knowledge to help you make the right decision.

Arrange an appointment

Or arrange to speak to a Mortgage Adviser

Call the team on

0345 601 5533

Our lines are open every weekday between 8am and 6pm

YOUR MORTGAGE WILL BE SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE