The reductions apply to a selection of two-year fixed rate products, each with a £999 product fee.
Highlights of the cuts include a reduction from 6.09% to 5.89% in the Credit Revive range up to 85% loan to value (LTV). In the society’s Credit Restore range, there has been a reduction from 6.69% to 6.49% up to 75% LTV.
All cuts are available for purchase or remortgage and offer a maximum loan size of £750,000.
The Credit Revive range is suited to those with a small number of historical credit blips, such as missed payments, defaults or arrears, while Credit Restore caters for more serious or recent events, including county court judgments (CCJs) and active debt management plans.
Both ranges are manually underwritten, with each case assessed individually.
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Newcastle BS alters interest-only PT rates
Meanwhile, Newcastle Building Society has cut rates in its interest-only product transfer range by up to 0.35% for existing customers who have reached the maturity date of their deal.
The society has introduced a 70% LTV deal to the range at 3.99%, while at 85% LTV, it has cut rates from 4.65% to 4.30%.
Last month, Newcastle Building Society brought out its First Step deal, a 98% LTV product aimed at first-time buyers with smaller deposits.
