Newcastle unveils two-year broker fixed rate

Newcastle Intermediaries has launched a new best buy two-year fixed-rate as new figures show rates continue to fall.

It has unveiled a two-year deal in the intermediary market charging 2.13%, with no early repayment charges.

The product is available up to 80% loan-to-value, with no reservation or completion fee, except for loans above £500,000.

It is fixed to 3 January 2018, then switches to Newcastle's standard variable rate of 5.99%. 

Steve Carruthers, head of mortgage distribution, said: “This product comes with the flexibility to be able to move their mortgage, if their situation changes, without penalty.

“The no-fees element also means borrowers can make savings on the initial cost of moving.”

Latest figures from Moneyfacts.co.uk show the average two-year fixed rate now charges 2.57%, down from 3.21% in December last year.

That is a drop of around 20% in a year.