Newcastle Building Society has launched a five-year mortgage product at 4.79%, with an annual ‘break away’ option that allows borrowers to leave the mortgage deal without incurring early repayment charges.

The five year product is available at a maximum loan-to-value of 80% for both purchase and re-mortgage.

The Newcastle expects the product to prove popular with borrowers who want the security of a fixed rate but also the option to redeem if their personal circumstances change or if they are unsure about what will happen to future rates.

Steve Urwin, sales and marketing executive for the Newcastle, said: “The five-year mortgage marketplace is very competitive one so it’s an ideal time for borrowers to fix with rates being the lowest they have been in recent history.