Newcastle offers 7.99%

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Andrew Feinberg

White House Correspondent

ALREADY very competitive, the fixed-rate mortgage market has been undercut by 0.5 per cent by Newcastle Building Society's five-year 7.99 per cent fix. Woolwich offers the same rate on its three-year mortgage.

However, Newcastle tends not to offer its products where it has no office. Most borrowers in the South-east will not be able to take advantage of the offer. The usual arrangement fee of pounds 195 rises to pounds 295 for remortgages. The mortgage is fully portable and requires buildings and contents insurance.

Halifax has also relaunched its fixed-rate mortgages portfolio. First-time buyers can get rates of 6.5 per cent, fixed on 90 per cent mortgages, until 31 October 1994.