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Brokers wary of 20-year fixed deal

Newcastle Building Society is offering a new 20-year fixed-rate homeloan at 5.49 per cent for direct customers.

Loans can be between 15,000 and 250,000 up to 90 per cent loan to value. There is a 499 completion fee and early repayment charges range from 1 per cent to 6 per cent.

Purely Mortgages chief executive Mark Chilton says: “The rate is good but it is not a product that intermediaries would sell as they are worried about locking people in for a long time because of the uncertainties involved.”

Newcastle marketing and new media manager Steve Urwin says: “It is ideal for people who want to fix their mortgage repayments for a substantial period with the peace of mind that they will not be affected by any changes to the Bank of England base rate.”

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