Newcastle Building Society News.

October 2012 - NEWCASTLE BUILDING SOCIETY (NBS) has cut the rate of its 95% LTV product in a move to help more first time buyers onto the housing ladder. The two year deal is fixed until January 2015 and is available at a rate of 5.99% (6.2% APR), which represents a 0.26% drop on the previous product.

Newcastle Building Society Review.

Newcastle Building Society origins date to 1861 although the current name is the result of a merger between the Grainger and Newcastle Permanent Building Societies in 1980. The Head Office is Newcastle Building Society Portland House, New Bridge Street, Newcastle upon Tyne, NE1 8AL.

They currently have 30 branches across the UK and a branch in Gibraltar.

They offer a number of products including

Mortgages-First Time Buyers Mortgages, Fixed Rate Mortgages,  Base Rate Mortgages, Tracker Mortgages, Offset Mortgages and Variable Rate Mortgages.

Savings Accounts-Newcastle offer a number of tax free ISA savings accounts likeNewcastle Super ISA, Newcastle Premier ISA, Fixed Rate Options ISA and MaximISA. Other savings accounts available include Fixed Rate Bonds, Easy Access Accounts Notice Accounts and Equity Bonds.

Insurance-Life assurance and Legal & General home insurance.

For the year ended 31/12/2010 The Financial Results for Newcastle Building Society were 2009 figures in (brackets)

Loss £3,700,000 (£000)

Assets £4418.8 million (£4,620.1 million)

Executive Directors Pay £737,000 (£735,000)

Non Executive Directors Pay £320,000 (£256,000)

During the year the Newcastle Building society gained 25,000 new members. The net impairment charge for loans was £1.8 million with 0.8 million relating to residential properties with most of this buy to let mortgages. 1.29% of loans had 3 months or more arrears.

Management expenses as a percentage of mean total assets increased to 0.917% from 0.86% the previous year.

newcastle building society