Newcastle Intermediaries has made rate reductions of up to 1% across its interest-only proposition.

The reduced rates include a five-year fixed rate available at 4.65% (6.2% APRC), with early repayment charges of 5% until 30/06/2025, 4% until 30/06/2026 and 3% until 30/06/2027, 2% until 30/06/2028 and 1% until 30/06/2029.

A two-year fixed rate at 5.05% (6.8%% APRC) is also available, with early repayment charges of 2% until 30/06/2025 and 1% until 30/06/2026.

The range of two and five-year interest-only products are available up to 75% LTV with an additional 5% LTV able to be secured on a repayment basis. Both come with a £1,499 product fee, and offer an overpayment facility of 10% each year.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “As rates start to reduce market-wide, we are still experiencing demand from brokers and their clients who are wanting to utilise interest-only products.

“We are pleased to be able to make significant reductions to rates across our range of up to 1% which, alongside our flexible lending criteria, will support borrowers looking to purchase or remortgage a home.”