Newcastle Intermediaries is reducing rates on a number of its residential mortgages by up to 0.20 percentage points.

Available both to key accounts and directly, the lender is launching a 2.44% three-year fixed rate at a maximum LTV of 80%.

The new rate, at 2.44% (5.1% APR) has been cut by 0.11 percentage points and has no product fees, offers a free standard valuation, £500 cashback and 10% overpayments per annum, with an early repayment charge of 3% until 31/08/2019, 2% until 31/08/2020 and 1% until 31/08/2021.

If remortgaging, borrowers can take advantage of either the £500 cashback or free legal fees.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We’re always looking to improve our mortgage products and this latest three year fixed product is available at a competitive rate for borrowers.

“For remortgage customers, we’ve built options and flexibility into the product so that buyers can choose the benefits that mean the most to them – whether that’s standard legal fees paid or £500 cashback, to help when buying their home.

“We’re hoping that we can extend this competitive rate across a range of three-year products over a variety of our LTV products.”