Newcastle Intermediaries has announced new rate reductions to enhance its product transfer range for existing customers.

The lender said the move will enable brokers to provide their clients with more competitive options.

Newcastle’s new rates include a two-year fixed rate at 4.99% (5.0%% APRC) up to 60% LTV that comes with early repayment charges of 2% until 28 February 2024 and 1% until 28 February 2025. This product comes with no product fees and up to 10% overpayments per annum.

Also available is a two-year fixed rate at 4.79% (5.1%% APRC) up to 60% LTV that also comes with early repayment charges of 2% until 28 February 2024 and 1% until 28 February 2025. This product comes with a £999 product fee and offers up to 10% overpayments per annum.

Head of intermediary mortgages at Newcastle Building Society, Franco Di Pietro, commented: “We are deeply committed to fostering long-term relationships with our broker partners, not just transient interactions, that’s why we’re continually striving to enhance our proposition, with a product range that delivers value for both new and existing customers.

“We believe in rewarding our existing customers by offering them preferential rates, so to acknowledge this loyalty and say thank you, we’re reducing rates for existing customers looking to product transfer with us.”

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