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Newcastle extends product range

Newcastle Building Society has added a three-year stepped discount product and a two-year fixed product to its mortgage product range.

The discount mortgage offers an annual discount from 3 per cent to 1 per cent on the building society’s current standard variable rate until the end of January 2010.

Both products have a minimum loan of £15,000 and the maximum loan is £500,000 available to 90 per cent LTV.

The two-year fixed product offers a fixed rate of 1.8 per cent until January 31 2009 and will convert to a SVR after this until 2013.

Newcastle Building Society senior executive marketing and new media Steve Urwin says: “The new stepped discount product offers a convenient low introductory rate to help keep mortgage payments down in the early years and does not include any extended tie in.

“The new best buy two year fixed offers a similar break from higher rates, hopefully leaving more to spend on other costs such as home improvements, furnishings or decorating – benefits which can be particularly useful for those starting a family.”

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