Newcastle Intermediaries has introduced a seven-year fixed rate mortgage product in response to demand for the security of a longer-term product.

The product is priced at 3.26% (3.6% APRC) and comes with early repayment charges, starting at 5%, and decreasing by 1% per year.

The  80% loan-to-value (LTV) product is available on house purchases and remortgages up to £1m.

It also provides the option of 10% overpayments per annum as well as £500 cashback and a free standard valuation.

Newcastle Building Society national sales manager Mark Wilkinson says: “As the market evolves we are committed to providing a range of solutions that address the challenges brokers face as consumers look to remortgage or purchase a property in the coming months.”

“We are acutely aware of concerns borrowers have due to the increasing cost of living. Against a backdrop of rising costs and energy bills, our seven-year fixed rate mortgage product offers borrowers peace of mind by delivering payment certainty, as well as protection against rising interest rates,” Wilkinson adds.