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Three mortgage terms, one mortgage rate

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Newcastle Building Society has announced that it will offer the same mortgage rate on three different fixed rate mortgage terms.

Available over two, three or five years, the mortgage lender's fixed rate mortgages offer a mortgage rate of 4.54 per cent.

Offering this mortgage rate, the five-year deal is a market-leading fixed rate mortgage. Mortgage borrowers can choose to repay a mortgage of between �15,000 and �500,000 over the period that best fits their circumstances.

The maximum loan to value for these fixed rate mortgages is 90 per cent.

If someone is happy to fix for five years, they will be on the same rate as someone only fixed for two, says Steve Urwin, the society's marketing and new media manager.

A five-year term might, however, appeal more to borrowers who want to budget ahead with certainty for a longer period of time and who may not want the added expense of remortgaging within two or three years.

The only differences between these three fixed rate mortgage deals is in completion fees and redemption charges.

All three mortgages are available to first time buyers, homebuyers and those hoping to find a remortgage.

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