Newcastle Intermediaries has reduced rates by up to 0.41 percentage points on its higher LTV product range, applying cuts to most of its 90% and 95% LTV offer.

The biggest rate reduction of 0.41 percentage points is on its 90% LTV five-year fixed rate available at 2.89% (3.7 % APRC). An early repayment charge of 5% applies until 31/01/23, 4% until 31/01/24, 3% until 31/01/25, 2% until 31/01/26 and 1% until 31/01/27.

For borrowers looking for 95% LTV, a five-year fixed rate is now available at 3.45% (3.9 % APRC) representing a 0.24 percentage point reduction on the previous rate. An early repayment charge of 5% applies until 31/01/23, 4% until 31/01/24, 3% until 31/01/25, 2% until 31/01/26 and 1% until 31/01/27.

A product fee of £499 is payable on both products and overpayments of 10% per year are allowed in addition to the £499 regular monthly overpayments already permitted.

Franco Di Pietro, head of intermediary mortgages said: “We’re constantly assessing the competitiveness of our range so we’re pleased to give brokers and their clients some competitive options across our higher LTV range.

“We’ve increased the cashback from £250 to £500 on certain products, which combined with the reduced rates will better support first time buyers, home movers and customers who are looking to remortgage.”