Newcastle launches discount mortgage

With a 2.31% discount from the SVR, the rate currently stands at 3.49% and is among the industry Best Buys.

This product is available until 30 March 2004 for loans of up to £500,000 with a minimum loan of £15,000. There is a completion fee that starts at £345. There are no extended tie-ins to this product although there is a redemption charge of 3% of the balance during the 3-year discount period.

Robert Hollinshead, Chief Executive of the Newcastle Building Society, said:

"Discounted mortgages are still very popular despite speculation regarding interest rates. Newcastle Building Society aims to provide the best products possible and this discounted mortgage, with a current rate of 3.49%, is among the most competitive three year discount rates available at present."