Newcastle Intermediaries has cut rates on its buy-to-let range by up to 0.16 percentage points across a selection of two and five year products.

A two-year fixed rate product is currently available at 2.16%, a 0.16 percentage point reduction on its current and comes with £999 fees and an early repayment charge of 2% until 28 February 2021 and 1% until 28 February 2022.

Meanwhile, a five-year product is available at a fixed rate of 2.86%, a 0.09 percentage point reduction. This includes an early repayment charge of 5% until 28 February 2021, 4% until 28 February 2022, 3% until 28 February 2023, 2% until 28 February 2024 and 1% until 28 February 2025.

This product also comes with no product fees, a free standard valuation and £500 cashback.

John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said: “This reduction of rates, means landlords and other potential investors can take advantage of more competitive rates.

“The society’s Interest Coverage Ratio is 145% at a rate of 4% for product terms of five years or more and there is also no maximum age for borrowers on our but-to-let products giving us a strong buy-to-let proposition.”