The lender described the rates on offer for the new deals as ‘competitive’, with rates starting at 1.89%.

The two-year and five-year fixed rate products are for customers purchasing a home or remortgaging to a cheaper deal.

John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “We’re pleased to be introducing a further two competitive 80% mortgages to our current offering to increase product options for brokers and their clients.”

A two-year fixed rate at 1.89% (5.1% APRC) is available at a maximum LTV of 80%. An early repayment charge of 2% applies until 31 January 2022 and 1% until 31 January 2023.

Alternatively, for borrowers wanting to fix for longer, a five-year fixed rate at 2.29% (4.6% APRC) is also available at a maximim LTV of 80%.

An early repayment charge of 5% applies until 31 January 2022, 4% until 31 January 2023, 3% until 31 January 2024, 2% until 31 January 2025 and 1% until 31 January 2026.

Both mortgages come with product fees of £999 to pay, and offer 10% overpayments per annum to support customers who require the flexibility to make lump sum capital payments.