The deals offer options of £750 cash back or free standard legal fees and are fixed rates for two years at 1.9 per cent and 1.99 per cent respectively.

John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said the mutual believed they were a competitive option for remortgaging.

“With the housing market slowing down significantly due to the restrictions imposed around the coronavirus outbreak, we’re seeing some buyers and sellers forced to put their plans on hold,” he said.

“However, markets have moved to support an increase in re-mortgage queries as existing borrowers search for competitive deals upon maturity to take advantage of historically low rates.

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“Now more than ever, homeowners want their money to go further and we want to give them flexibility and a potential opportunity to reduce their monthly mortgage payments.”