Newcastle Building Society has launched three new mortgage products, with fixed-rate terms ranging from three to ten years.

Available for loans between £15,000 and £500,000, the interest rate begins at 5.95 per cent for longer deals.

Consumers seeking a three-year fixed rate will pay 6.05 per cent, with a £999 completion fee, while those wanting a five or ten-year deal will benefit from the lower rate.

Lending and operations executive Steven Marks said the building society was "delighted" to be introducing the products, adding: "With a plethora of best-buy deals available, borrowers have a healthy selection of products to choose from, especially in such difficult market conditions."

Terms of the deal include a three per cent charge for early repayment.

Research by Abbey recently found that many people prefer a longer-term mortgage product, with 38 per cent saying they would choose a five or ten-year deal.

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