Newcastle Intermediaries has launched a 10-year interest-only mortgage product.

The 10-year interest only fixed rate at 3.55% (3.7% APRC) comes with early repayment charges of 5% until 31/08/28, 4% 31/08/29, 3% until 31/08/30, 2% until 31/08/31 and 1% until 31/08/32.

Available at up to 80% LTV, this product is available on house purchases and re-mortgages up to £1million, comes with a £999 completion fee and offers the flexibility of 10% overpayments per annum.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “We’re committed to ensuring our mortgage products reflect the complete range of borrowers’ requirements, no matter what stage of homeownership they may be at. That’s why we’ve launched our 10-year interest only fixed rate, which complements our existing range to provide longer-term payment security and greater choice.

“Our 10-year interest only fixed rate has already received a positive reception in the market, and as we continue to keep a close eye on emerging trends we look forward to developing the best possible solutions for brokers and their clients.”