Newcastle Building Society (NBS) has released a new 10-year fixed rate product, which is fixed at 4.49% until 30 June 2024.

It has a maximum loan to value (LTV) of 80% and no early repayment charges (ERC) after five years.

Fees are £199 for ‘reservation’ and £399 for ‘completion’.

The minimum loan amount is £10,000 and maximum £1,000,000.

Steve Urwin, sales and marketing executive at NBS, said: “This is an ideal time for us to offer a ten-year mortgage. Commentators are discussing not if rates will rise but when, following a historically low interest rate environment, so we think many borrowers will be looking to fix in the longer term, protecting themselves against these rises.

“However, we also wanted to offer flexibility to our borrowers knowing that in five years their circumstances could change. So, the mortgage is perhaps even more adaptable given there are no ERCs incurred after this date.”