Newcastle Intermediaries has introduced a range of new discounted variable rate mortgage products, following its reduction in its residential standard variable rate (SVR).

The society’s residential SVR in England, Scotland, Wales and Northern Ireland reduced today by 2.03 percentage points to 3.96%.

The new product range includes a two-year discounted variable rate at 1.79% (APRC 3.79%) until 30/04/23, representing a 2.17% discount from SVR. Available up to a maximum LTV of 80% it has a product fee of £999.

For borrowers who are looking for help with fees, a two-year discounted variable rate is available at 2.35% (APRC 3.7%) until 30/04/23, representing a discount of 1.61% from SVR.

Available up to a maximum LTV of 80% this product offers a free standard valuation on properties of up to £500,000 and comes with no product fees.

Both mortgages allow 10% overpayments per annum and have an early repayment charge of 2% until 30/04/22 and 1% until 30/04/23.

John Truswell (pictured), head of intermediary mortgages at the Newcastle Building Society, said: “The reduction in our residential SVR supports borrowers currently on SVR or an SVR-linked product, and so, we’re delighted to introduce this new range of discounted variable rate products to provide customers with more options at competitive rates.”