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Newcastle Building Society - Home

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5 Year Fixed Rate Mortgage - Interest Only

A fixed interest rate mortgage helps to make budgeting easier, as your monthly repayments stay the same each month during the fixed interest rate period.

So there's no sudden changes in how much you need to find to make your repayments even if interest rates rise or fall.

Representative example

A mortgage of £227,813 over 16 years on an initial rate of 4.90% fixed for 5 years followed by our standard variable rate currently at 6.94% for the remaining 11 years would require 60 monthly payments of £930.24 and 132 monthly payments of £1317.52. The total amount payable would be £458,085.04 made up of the loan amount of £227,813 plus interest of £230,272.04, a Valuation fee of £415. The representative example is for illustration only. Your actual costs and monthly payment will vary depending on your mortgage

Good to Know

  • Repayment amount won't change during the fixed rate term
  • Helps you to plan your finances in advance
  • Allows you to budget
  • Fixed rate of interest over five years

Summary information

Interest Rates

Initial rate of 4.90% until 31st July 2029, reverting to our Standard Variable Rate (currently 6.94%) from 1st August 2029.

Maturity Date

31 July 2029

Maximum Loan to Value (LTV)

80%

Loan Amount

£50,000 - £1,500,000

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

0

Incentives

10% overpayments allowed per annum.

Free standard valuation (on properties up to £500k).

Early Repayment Charge

5% of balance outstanding until 31st July 2025.

4% of balance outstanding until 31st July 2026.

3% of balance outstanding until 31st July 2027.

2% of balance outstanding until 31st July 2028.

1% of balance outstanding until 31st July 2029.

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