Newcastle Building Society has cut rates across its five-year product transfer range and introduced a new three-year option for existing mortgage customers.

The lender said the changes were designed to give brokers more flexibility when advising clients approaching the end of their current deals.

Rates on five-year product transfers have been reduced by up to 0.35%, with a five-year fix now available at 4.15% up to 60% loan to value.

At the same time, the Newcastle has launched a range of three-year products, with rates starting at 4.05% up to 70% loan to value. Customers can secure a new rate up to three months before their existing mortgage matures.

Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “By lowering five-year rates and introducing three-year product transfers, we’re increasing choice and flexibility for brokers, while keeping the application process simple and efficient through our online tools.

“We want to make it as easy as possible for brokers to retain their clients and deliver excellent outcomes at maturity.”

The move follows similar efforts by a number of lenders to support retention activity, as brokers look to help clients manage refinancing amid stabilising but still elevated mortgage rates.