The Newcastle Building Society has reduced the rate of its five year 95% LTV mortgage product.

The five year product is now at a rate of 5.69% and comes with no completion fee and a £199 reservation fee.

It comes with a free standard valuation on properties up to and including £500,000.

In addition, the mutual has unveiled a two year deal at 5.49%. The product has no Early Repayment Charges or completion and again, a £199 reservation fee.

Steve Urwin, The Newcastle’s sales and marketing executive, said: “We’re here to help as many aspiring homeowners to purchase their first home. We all know how important it is to get a deposit in order and how the additional moving costs can soon add up.

“The lower rate will help reduce monthly payments for borrowers and the low fees means money can be saved at the costly move stage.”