The broker-only arm of Newcastle Building Society adds that the product includes options at up to 80%, 90% and 95% loan to value.  

The firm offers a 10-year fix at 6.05% (6.6% APRC) until 31 January 2034 at up to 95% LTV, with a £999 product fee and allowing 10% overpayments a year. 

It also offers a 10-year fix at 6.15% (6.6% ARPC) at up to 95% LTV, with no product fees, a free standard valuation as well as £200 cashback. 

The move from the mutual comes as borrowers look for cheaper options as 800,000 fixed-rate deals are due to end in the second half of this year, according to banking trade body UK Finance, with around 1.6 million deals ending in 2024.   

Many of the homebuying market’s core two- and five-year deals were signed at sub-2% mortgage rates, but both of these terms now are well above 6%, as the Bank of England base rate has lifted 14 times since December 2021. The current central bank base rate is 5.25%.   

This has left some homeowners looking to lock in longer deals at a fixed rate.   

Newcastle Building Society head of intermediaries Franco Di Pietro says: “Not only will this range provide borrowers looking for a longer-term fix with greater choice and increased payment certainty, but our 6.05% rate provides better value to those particularly concerned about the growing pressures on household finances.”