Newcastle Building Society is launching a three year discount mortgage on 15th December. It has a 2.31 per cent discount from SVR, giving a current rate of 3.49 per cent.
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. It has a redemption charge of three per cent of the balance during the three year discount period.