Newcastle Intermediaries is refreshing all its residential mortgage products with reductions of up to 0.70% on five-year products between 85% and 95% loan to value (LTV).
The lender has responded to the widespread popularity of five-year fixed rate deals by making the biggest reductions in this range.
Its 90% LTV five-year fix with £498 fees is now at 2.75%, while a fee-free version is available at 2.95%.
Both products include 10% overpayment per year and an early repayment charge of 5% until 31.03.2020, 4% until 31.03.2021, 3% until 31.03.2022, 2% until 31.03.2023 and 1% until 31.03.2024.
Newcastle Intermediaries head of mortgage distribution Steve Carruthers (pictured) said: “With the prospect of further rate rises along with the uncertainty of Brexit, borrowers are moving towards longer term fixed rates, which is why we’ve refreshed all of our residential mortgage range with a strong focus on the five-year fixes to give these borrowers peace of mind.”
Barclays has also completed a significant overhaul of mortgage products across its buy-to-let and residential ranges – including Help to Buy.
The rate changes go live today and also include remortgage, product transfer and further advance deals.
New deals launched include fee-free £500 cashback remortgages, with a two-year fix at 70% LTV at 1.97% and a five-year fix at 60% LTV at 2.06%.
Barclays Mortgages director Craig Calder said the lender expected the remortgage market to be particularly vibrant as many customers will be looking to get their finances in order.
“We are really excited about the great opportunities in the mortgage market in early 2019,” he said.
“So in addition to a host of reductions across our existing rates, we are delighted to confirm the launch of a new product which comes with £500 cashback.”