Newcastle Intermediaries has announced the launch of a new 10-year fixed rate mortgage product for house buyers looking for extended payment certainty.

At an initial rate of 2.99% for 10 years, the product is available up to 80% LTV and has a fee of £999.

It is available on loans up to £1m for both house purchase and remortgage and offers overpayments of up to 10% annually.

Newcastle Intermediaries, the intermediary arm of Newcastle Building Society, said the 10-year fixed rate is aimed at borrowers “looking for peace of mind” from a long-term fix.

Head of intermediary mortgages at Newcastle Building Society, Franco Di Pietro, commented: “We’re always ready to respond to changing market trends in order to meet the diverse requirements of our brokers and their clients.

“In the current rate environment and with the rising cost of living, our 10-year fixed rate offers brokers and their clients an option for those who may want or need to plan ahead and value the payment stability and peace of mind that an extended fixed rate provides.”

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